Netherlands roundup: BpfBouw appoints fiduciary for property investments

first_imgBpfBouw, the €63bn Dutch pension fund for the building sector, has appointed Russell Investments as fiduciary adviser for its €10.5bn real estate portfolio. Russell will monitor Bouwinvest, the scheme’s wholly owned property investor, and assess its investment proposals. It is the first time BpfBouw has selected an external manager for this task.David van As, BpfBouw’s director, said the appointment followed the scheme’s plans to increase its international property allocation through Bouwinvest.“This means we have to deal with other players and risks than within the Dutch context,” Van As said. “As a pension fund, we are hitting the limits of what we can assess ourselves.” BpfBouw is the fifth largest pension fund in the NetherlandsVan As rejected the suggestion that supervisor De Nederlandsche Bank (DNB) had played a role in the appointment of a fiduciary manager. Earlier this year, the trade journal Vastgoedmarkt suggested that DNB had been critical of Bouwinvest’s strategy to grow by using other pension funds’ assets.At the time, Dick van Hal, chief executive at Bouwinvest, had described the insinuation as “rubbish”.In the meantime, Bouwinvest has installed a new supervisory board (RvC), after the previous one resigned at the end of last year.PostNL invests €170m in European green bondsThe €8.6bn Dutch company scheme PostNL has invested €170m in green bonds – amounting to approximately 2% of its entire assets – through Dutch asset manager NN Investment Partners (NN IP). The scheme said it had divested from “ordinary” credit to fund the purchases.The investment was initially made in an NN IP fund comprising green bonds and government bonds. However, these assets would be invested in an exclusively green mandate as of 1 January, PostNL said.The scheme said it wanted to solely invest in European green credit as this market was the most advanced.The pension fund also highlighted that, by focusing on European green bonds, it could avoid incurring costs for hedging currency risk. In his opinion, keeping Bouwinvest at some distance from the pension fund also made sense from a professional point of view.last_img read more

LA Dodgers fall to Arizona, lose ground in National League West

first_imgLOS ANGELES >> The last time the Dodgers lost ground in the National League West before this weekend, Hyun-Jin Ryu was healthy and neither major political party had nominated a presidential candidate.That was on July 7, but a lot can happen in 24 days.It just so happened that the Dodgers didn’t lose on a day the San Francisco Giants won until Saturday, when the Arizona Diamondbacks beat the Dodgers 4-2 before an announced crowd of 49,540 at Dodger Stadium.A solo home run by Joc Pederson in the ninth inning was too little, too late. The Giants’ win over the Washington Nationals earlier in the day restored their lead in the division to two games. “We got all of August and all of September,” Dodgers outfielder Scott Van Slyke said. “A lot can happen.”To that end, the non-waiver trade deadline is a good place to start. Even including Saturday’s loss, the Dodgers have gained six games in the standings in little more than a month. Yet by 1 p.m. Pacific Time Monday, their roster could look very different.Manager Dave Roberts said he’s planning to start Yasiel Puig in the series finale Sunday, in spite of a lingering hamstring injury that nearly put the right fielder on the disabled list and trade discussions that could send him to another team. Puig last started July 22 in St. Louis. He’s had only one plate appearance since.Puig appeared to be an option off the Dodgers’ bench Saturday. But when the pitcher’s spot in the batting order came around in the eighth inning, Roberts opted to use Chris Taylor instead.“Yasiel didn’t take batting practice on the field today,” Roberts said, explaining his decision. “Chris was out there, and just watching him I felt good that he could get us a hit right there.” Asked why he didn’t take batting practice on the field, Puig declined to answer.“I’m not answering anything right now,” he said through an interpreter.A Dodgers spokesperson said that Puig was getting treatment during batting practice. Roberts was aware of the reason behind Puig’s absence.Dodgers starter Scott Kazmir struggled early and dominated late in losing his first game since May 9.Kazmir threw three straight fastballs over the plate to the game’s first batter, Jean Segura. Segura sent the last pitch over the left-field fence for a solo home run.Ahead 1-0, the Diamondbacks used three doubles to score twice in the second inning. Segura contributed the last of the three doubles. He finished 2 for 3 with two RBIs. Kazmir, who enjoyed a 4-0 lead two innings into his previous start, suddenly found himself on the wrong end of a 3-0 score.Unhappy beginnings are not unusual for the veteran left-hander. He’s allowed 19 runs in 21 first innings this season. Kazmir has made a habit of finishing stronger than he begins.On this day, Kazmir was mixing velocity better as the game went along. He was sitting 87-92 in the first inning with his fastball and cutter; by the sixth inning he was in the 87-94 range.Rather than velocity, Kazmir said, “it’s more location than anything. … I think that’s what makes me successful.”Roberts allowed Kazmir to begin the seventh inning with 99 pitches. With one out, pinch-hitter Phil Gosselin dumped a double down the right-field line. Gosselin was originally called out by second base umpire Ryan Blakney, but the Diamondbacks challenged and the call was overturned.Pedro Baez relieved Kazmir and promptly hit Segura with a pitch. The next batter, Brandon Drury, singled to score Gosselin with the game’s fourth run.The Dodgers answered in the bottom of the seventh inning on an RBI single by Van Slyke to drive in Andrew Toles. Pederson’s 15th home run of the season was a no-doubt blast to right field against Barrett.Dodgers shortstop Corey Seager went 1 for 4 with a double. His 30th double of the season tied Eric Karros for the team record by a rookie.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more