Munsters swaps PGGM for ABP

The chief investment officer at Dutch pension fund PGGM will leave to become a director at one of Europe’s largest pension funds, ABP.

Roderick Munsters, chief information officer at PGGM, will leave the pension fund to become a board member and chairman of investments at fellow Dutch asset manager, ABP Vermogensbeheer (ABP).

Munsters will take up the new position in early 2005, replacing Jean Frijns, the current chairman of investments who has been appointed as chief of the Dutch corporate governance monitoring commission.

In his new role, Munsters will take charge of the largest pension fund in the Netherlands with €156 billion ($203 billion) worth of assets under management, almost triple the €57 billion PGGM fund.

Munsters has been an executive director and chief investment officer at PGGM, the Dutch pension fund for healthcare and welfare workers, since 1997.

Commenting on his move, Munsters said in a statement: “Opportunities like this don’t come every day. ABP is one of the biggest pension funds in the world. On the other hand, I’ll be sad to say goodbye to PGGM and especially the fantastic investments team. Fortunately we’ll still be working together on a regular basis.”

The close link between the top two Dutch pension funds comes from the fact that their private equity portfolios are managed by Amsterdam-headquartered AlpInvest Partners.

AlpInvest manages approximately €20 billion on behalf of the two funds and Munsters currently sits on the supervisory board of AlpInvest.

Hans Alders, chairman of PGGM’s board of governors said: “We’ll be sorry to see Roderick go, but we’re glad that the pensions world is not losing his considerable talents as an investor. As the architect of PGGM’s innovative and successful investment policy and an advocate of corporate governance and sustainable investment, he has also won international respect. I congratulate ABP.”

ABP manages assets on behalf of over 2.5 million public sector and education workers.