JPMorgan today announced that it has been awarded the transition management mandate for Doctors Pension Funds in the Netherlands. Following a review, the €11.7 billion pension fund is shifting from internal to external fund management.
Doctors Pension Funds consists of Stichting Pensioenfonds voor Huisartsen, a scheme for general practitioners, and Stichting Pensioenfonds Medische Specialisten, a scheme for medical specialists. The assets in the two funds will be managed by 30 external fund managers.
As part of the restructuring, €9 billion in government bonds has already been transitioned. When the full restructuring is complete, it will be the largest transition management transaction handled by JPMorgan to date and one of the largest transactions in Europe this year.
“Our experience of working with JPMorgan, which has acted as our global custodian for many years, and our confidence in its operational efficiencies, sophisticated analytics and superior liquidity provision convinced us that they were the right firm to manage the complex restructuring of our pension fund investments,” said Bert Bos, chief executive officer of Doctors Pension Funds.