Investors

Updated: PGGM chief executive Else Bos to resign

Bos has helped grow the pension manager into the Netherlands' second largest and led the appointment of its new head of infrastructure last year.

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We apologise that an earlier version of this story misstated PGGM as a Danish pension fund manager. It is a Dutch pension fund manager.

PGGM chief executive Else Bos will resign from her position later this year, stepping away from the Dutch pension fund manager with a €7.5 billion infrastructure programme. 

Bos, who has worked in executive positions at PGGM since 2002, will leave for an undisclosed employer in November, the pension manager said in a statement. She has been at the forefront of PGGM's investment decisions for over a decade, having joined its executive board in 2004 and appointed deputy chief executive in 2010.

In that time, Bos has helped make PGGM the Dutch's second largest pension manager at €205 billion of assets under management, as well as the manager of €185 billion in assets for Pensioenfonds Zorg en Welzijn, Zeist, Netherlands.

Bos described PGGM in a statement announcing her resignation as “an organisation of committed professionals with a green heart who are devoted to creating a valuable future for participants and members”.

“I am proud of what we have achieved together,” she said.

“Else Bos has made an important contribution to the development of PGGM over the past few years,” says Edwin Velzel, chairman of the Supervisory Board. “Her ability to give such committed leadership to the prudent management and result-driven and sustainable investment of the pensions of 2.9 million participants has been a remarkable achievement.”

She has also played a role in building PGGM's infrastructure programme. Last November, she led the appointment of Erik van de Brake as PGGM's new head of infrastructure.

PGGM invests in infrastructure mostly directly, however it participated as a limited partner in Macquarie's $3.1 billion pan-Asian infrastructure fund which closed in February 2016.

PGGM's most recent infrastructure deal was in May when it acquired a stake in SolarCity, the US's largest rooftop solar provider. The pension manager did not disclose the amount of its investment, but a PGGM spokesperson said the deal's value stood at the low end of its usual €200 million-€500 million range.