NETHERLANDS - PGB, the industry-wide pension fund for the print industry, has completed a reorganisation of its €11bn portfolio in an effort to reduce risk, with Credit Suisse Transition Management overseeing the process.

According to the Credit Suisse, the reorganisation was completed last month, with PGB's manager Timeos Pensioendiensten commissioning the company to increase transparency and simplify the portfolio.

Bart Kuijpers, managing director of pension and insurance solutions at Credit Suisse, argued that the current market environment justified a more transparent and "streamlined" asset allocation among institutional investors.

"It helps a pension fund and a pension service provider such as PGB and Timeos to focus on the core of managing pension assets," he said.

"And it should deliver the necessary returns within a controlled risk framework at reduced costs."

Lambert Oorthuizen, who oversees investment strategy and risk management at Timeos, added that the reorganisation had been both successful and delivered at a low cost.

PGB recently assumed the administration of all pension arrangements for fellow industry-wide scheme Kartonnage and Flexibele Verpakkingenbedrijf - covering workers in the cardboard and flexible wrappings industry - with Timeos completing a rebranding from Grafische Bedrijfsfondsen late last year.

According to its marketing, sales and communications manager Ernö Kalmár, Timeos was hoping to attract members from various publishing industries in the future, as well as those working in journalism.