UPDATE 1-Dutch transport pension fund drops Goldman
* Fund says Goldman performance didn't meet expectations
* Names Northern Trust as interim fiduciary manager (Adds background, Goldman response)
AMSTERDAM, April 27 (Reuters) - A Dutch transport pension fund said on Tuesday it has dropped Goldman Sachs (GS.N) as the fund's fiduciary manager, saying Goldman's performance had not met expectations.
A brief statement from Pensioenfonds Vervoer did not refer to the civil fraud charges filed April 16 against the U.S. bank. [ID:nLDE63K10N]
A spokesman for Goldman Sachs declined to comment, saying the firm could not comment on relationships with individual clients.
The pension fund said its chief executive and chief investment officer were travelling in the United States and not available to comment.
The fund has more than 6 billion euros in invested assets, according to its website. It represents employers and employees in the goods transport, private bus, taxi, mobile crane and inland ferry sectors.
It has named Northern Trust Global Advisors (NTRS.O) as interim fiduciary manager to monitor the external investment managers who oversee the assets.
It said the change followed a "comprehensive evaluation" of its four-year relationship with Goldman Sachs Asset Management International, or GSAMI.
"This evaluation shows that the fiduciary management by GSAMI and the results realised therefrom, have not met the expectations of the Board," the fund said.
(Reporting by Ben Berkowitz and Harro ten Wolde; editing by Elaine Hardcastle)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints


Follow Reuters