Dutch asset manager and pension provider PGGM is planning to slash 200 jobs in an attempt to drive down costs.
Under a restructuring programme, the asset manager is seeking to cut its workforce by 15% and trying to cuts costs by EUR50m a year by 2017.
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PGGM said the restructuring will affect all parts of the organization and at least 200 out of 1,300 positions will be slashed, including forced redundancies.
The restructuring follows changes in the Dutch pension market, which has struggled to recover from financial crisis.
Else Bos, CEO of PGGM, said: The Dutch pension market is becoming more dynamic and PGGM needs to have the flexibility to adapt.
"The cost of our products needs to come down, because costs are playing an increasingly important role for the pension funds we work for, "he added.
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By GlobalDataPGGM now manages EUR178bn for funds which had a collective 2.5 million clients.
