Pension fund sacks outside asset managers

Health service pension fund PGGM has sacked 15 external asset managers who were actively involved in trying to beat market indices, the Financieele Dagblad reported on Wednesday.


In total the fund, which has €90bn under management, brought back €10bn in actively-managed assets. Of that, €5bn was being dealt with by third parties, the paper says.
‘The results were below our expectations,’ director Else Bos told the paper. ‘It appears that active investors perform systematically worse than the market index at a time when stocks are going down.’
Bos refused to name the asset managers involved but one source told the paper they were all well known in the sector.

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