The pension fund of ING, the largest bank in the Netherlands, has outsourced some of the asset management of its pension fund to Axa Investment Managers and BlackRock.
The total mandate from the Pensioenfonds ING retirement plan is nearly €20 billion and its management is being divided equally between the two asset managers.
Axa IM says this is the largest institutional contract win in the Dutch market this year.
The mandate is to invest a liability-matching portfolio. Hanneke Veringa, head of the client group in the Netherlands for Axa IM, said: “Pensioenfonds ING was facing the same material challenges of most Dutch institutional investors in optimally hedging its interest rate and inflation risks with the fixed income portfolio.”
Cardano is a partner to fund reporting on investment and currency risk, while a treasury portfolio continues to be managed by Florint Capital.
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