Dutch pension fund British American Tobacco has sold all investments from State Street and Goldman Sachs AM

Dutch pension fund British American Tobacco has sold all investments of Goldman Sachs AM and State Street. The fund writes about this: ‘The asset management was outsourced to State Street Global Advisors (SSgA), Northern Trust Asset Management (NTAM), GSAM (formerly NN Investment Partners) and First Liability Matching N.V. (FLM). During 2024, the investments at SSgA and GSAM were sold and the proceeds were reinvested at FLM.’ FLM is part of a.s.r. vermogensbeheer.

The sale has everything to do with the derisking of the portfolio. The fund reports (p. 27): ‘The strategic investment policy was not adjusted in 2024. However, the board did implement the derisking policy. As a result, the investments in the ‘return’ portfolio were sold… The proceeds were reinvested in the ‘interest rate hedge’ portfolio, where a real hedge (interest and inflation) of 96% was effected.’