EUROPE - APG has explored a wide range of possible outcomes for the Greek sovereign debt crisis and their impact on the asset manager that "are not limited to the country's leaving the euro", according to spokesman Harmen Geers.

In the event that Greece does exit the European single currency, Geers said APG - asset manager for the €261bn Dutch civil service scheme ABP and the €34bn pension fund for the building industry Bpf Bouw - had agreed with a number of its clients to "change its asset mix" or adopt a "more dynamic" investment policy.

"And we haven't focused solely on the necessary actions on the investment side," Geers said. "We've also established the possible impact of a reintroduction of the drachma on our systems and administration."

The spokesman also said internal calculations had shown that a Greek exit would affect neither the coverage ratio nor the pension rights of any of APG's seven pension fund clients.

He said APG was expecting - for the time being, anyway - a "muddle-through" scenario for the euro-zone as a whole.

He also pointed out that, after the hair cut at the end of 2011, ABP's investments in Greece came to less than €255m.

APG is pensions provider for 4.5m participants affiliated with more than 30,000 employers.

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