Gerard van Olphen is to join the APG Groep in the middle of March, the firm announced on January 28. He will be responsible for all the company’s business activities, including the administration and investment of Dutch pension schemes with assets totalling more than €400 billion.Bart Le Blanc, chairman of APG’s supervisory board, said in the statement: “Together with his colleagues on the executive board, Gerard will need to steer APG through the coming years, when potentially far-reaching changes in the Dutch pension system will occur.”
He added: “These changes might trigger new requirements in the nature and the quality of APG’s services.”
ABP is the largest pension fund in Europe and makes up the bulk of APG’s assets. However, it also works with several smaller pensions which means it is responsible for the retirement income for one in five households in the Netherlands – equivalent to 4.5 million participants – and has 30,000 sponsoring employers.
“With his extensive experience in the financial world, Gerard will be of great value to APG, our customers and their participants,” said Le Blanc.
Van Olphen’s career in finance spans more than 25 years. In 2013, he became CEO of the newly-nationalised bank and insurer SNS Reaal in 2013, on request of the minister of finance, and successfully completed its restructuring. His most recent position was CEO of VIVAT Insurance, which ended in September 2015.
APG said his gross salary would be €500,000 with pension contributions of €66,000 a year. This would represent a 10% decrease in salary level compared with Sluimers.
Read more: New CEO for European pensions giant APG
