NETHERLANDS - Dutch fiduciary management firm Mn Services has named Patrick Wierckx as director of equities.

“In this position he is responsible for the internal and external management of all investments in equities,” the Rijswijk-based company said – adding that the 34-year-old was previously responsible for European equity portfolios at the firm.

"By appointing Patrick Wierckx we show appreciation for his knowledge and experience. The equity portfolios form a substantial element of our fiduciary management concept, which has proven to be very successful," said asset management director Wouter Pelser.

The appointment came as it emerged that senior portfolio manager Marco Smelter was to leave to join a hedge fund. In addition, interim commercial head Pieter Kiveron is to leave the company at the end of this month.

But chief executive Ruud Hagendijk is unfazed by the staff turnover.

"I think it's really part of our success," he said in an interview this week. "When you choose to expose yourself in the market, and also you have good results, then the price you pay is that good people are sought by others and that's what's happened with Jan Bertus Molenkamp and Hans Rademaker.” Account head Molenkamp and asset management chief Rademaker both left last year.

"They both worked over 14 years with Mn Services so it was their time to take another appointment," Hagendijk said in an interview.

Kiveron, a self-employed entrepreneur, was hired as an interim manager and consultant at Mn Services. “I was employed on a one-year arrangement specifically to centralise marketing and sales at Mn Services,” he told IPE. “According to plan the assignment will stop at the end of May. I was successful in implementing a centralised marketing and sales department.”

Hagendijk said: "Because of our size we can offer people a really broad part of the investments side. That's why it's very interesting, especially for young people. And when people have worked for us five, six years - Jan Bertus even longer - then it's time to earn their money elsewhere and apply the knowledge they have acquired at Mn Services.

Smelter is joining Amsterdam-based hedge fund firm Theta Capital Management on 1 June as a portfolio manager.
Theta said he ran a €7.5bn equity portfolio at Mn Services.

Last month Mn Services made five senior investment appointments. They were: Anne-Marie Munnik (investment strategy, fiduciary management), Marcel Naus (European equity team, ex-Pension Fund for the Graphical Industry), Joeri Raams (external equities, ex-Fortis), Allard Ruijs (private equity, ex-Residex) and Carolijn ter Haar (international real estate, ex-CB Richard Ellis).

Mn Services also said its fiscal and legal department was strengthened with the appointment of Tim Noordhof of De Brauw Blackstone Westbroek and Onno van Ringelesteyn of Stichting Spoorwegpensioenfonds.

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