NETHERLANDS - The concept of fiduciary management needs a wider interpretation than just asset management, says pensions and investment manager Compendeon.
According to Compendeon's chief operating officer and partner Leo Dooper, pension fund governing services and fiduciary consultancy are facing major challenges within Europe.
"A ‘helicopter view', in which the service's reach is directly related to the expertise and organisational level of the pension fund, is necessary," he explained.
Dooper was referring to the pressure of new legislation on pension fund boards and their managers.
"The new Pensions Bill, the international financial reporting standards IFRS, pension fund governance and the question of the right of existence of company pension funds are all interacting," he said.
"They have put pensions on the public agenda, and have raised the responsibility for pension fund governors and management."
Because of the introduction of the Pension Bill and the effects of new pension fund governance, fiduciary management will become an important instrument in governing and managing pension funds," Dooper predicts.
Compendeon claims that surveys and discussions have made it clear that there is a need for pension governing services and pension manager services, as a result.
The role of fiduciary asset management will become a part of the integrated fiduciary role. A tailor-made approach is however necessary to fit a pension fund's specific circumstances, it indicated.
Social Affairs' minister Aart Jan de Geus has said that he will make governance principles part of the Pensions Bill. The observance of the rules will be evaluated in 2008.
Earlier the €1bn Campina pension scheme put the remainder of its assets it a fiduciary mandate with Goldman Sachs Asset Management.
According to Compendeon's chief operating officer and partner Leo Dooper, pension fund governing services and fiduciary consultancy are facing major challenges within Europe.
"A ‘helicopter view', in which the service's reach is directly related to the expertise and organisational level of the pension fund, is necessary," he explained.
Dooper was referring to the pressure of new legislation on pension fund boards and their managers.
"The new Pensions Bill, the international financial reporting standards IFRS, pension fund governance and the question of the right of existence of company pension funds are all interacting," he said.
"They have put pensions on the public agenda, and have raised the responsibility for pension fund governors and management."
Because of the introduction of the Pension Bill and the effects of new pension fund governance, fiduciary management will become an important instrument in governing and managing pension funds," Dooper predicts.
Compendeon claims that surveys and discussions have made it clear that there is a need for pension governing services and pension manager services, as a result.
The role of fiduciary asset management will become a part of the integrated fiduciary role. A tailor-made approach is however necessary to fit a pension fund's specific circumstances, it indicated.
Social Affairs' minister Aart Jan de Geus has said that he will make governance principles part of the Pensions Bill. The observance of the rules will be evaluated in 2008.
Earlier the €1bn Campina pension scheme put the remainder of its assets it a fiduciary mandate with Goldman Sachs Asset Management.
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