PGGM appoints chairman as CEO

PGGM, a Dutch pension fund manager, has appointed Edwin Velzel as its chief executive, five months after he joined as chairman of its supervisory board.

Velzel will assume his role at the €206 billion manager at the beginning of November, replacing Else Bos, according to a statement.

Bos, who announced her departure in May, is set to become executive director and chair for prudential supervision at De Nederlandsche Bank in July.

Velzel became chairman of the board shortly before Bos’s decision to leave PGGM. The fund manager said he was asked by other members to put himself forward for the role, despite “still familiarising himself with his new position” at the time, PGGM noted in the release.

Velzel was subsequently removed from the appointments committee and unanimously became the preferred candidate ahead of other external choices.

His career has been largely based in healthcare management and the insurance industry, including nearly six years as chief executive of Dutch non-profit insurer Unive. Wim de Weijer, who has taken over from Velzel as acting chairman of the board, said he “has a clear vision of the major challenges facing the pension fund service provider”.

PGGM, which has a 22 percent allocation target to alternatives, has been building up its in-house private equity team following the sale of its private equity vehicle AlpInvest Partners in 2011. The creation of an in-house team enables the group to invest in companies directly and bypass paying private equity firms that do not fully disclose fees, as reported by PEI.

The Zeist-headquartered institution manages assets on behalf of five pension funds in the country.

– Zak Bentley contributed to this report.