NETHERLANDS - The €3.4bn Dutch Merchant Navy Pension Fund (Bedrijfspensioenfonds voor de Koopvaardij) will end its management agreement with PVF Achmea at the end of this year, IPE has learned.

Hylke Hylkema, chairman of the pension fund, told IPE late last week: "At the end of this year the management agreement with PVF Achmea will end."

He added: "It has been decided we will pursue a tender procedure in which the fund is aided by Watson Wyatt."

Diede Panneman of Watson Wyatt in Amsterdam, appointed as spokesperson in the tender procedure, has declined to comment.

Amsterdam-based Achmea was not available for comment at the time of publication, so it is, therefore, unclear if Achmea has been asked to retender.

This also means it is uncertain if the the agreement's termination means Koopvaardij's investment management, currently undertaken by F&C Netherlands and Achmea Vastgoed, will be reviewed.

Several Dutch funds administered by PVF Achmea have their investments outsourced to F&C Netherlands, part of  Achmea's parent company Eureko, and Achmea Vastgoed.

The fund, which serves the retirement needs of the Dutch shipping industry, has already appointed ABN Amro Mellon Global Securities Services last month as its global custodian for assets valued at €1bn.

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