While the merger is not expected until September, the move indicates the role the asset management arm of the APG pension fund will play in the agreement.

The position of director is currently occupied by Cordares’ Alwin Oerlemans. After the merger, it is expected that he will effectively be demoted to Mr Sleijpen’s deputy. Meanwhile, Mr Sleijpen will also become a member of the executive board council of Cordares.

In his new role he will be responsible for contacts with institutional parties, primarily pension funds in the Netherlands and abroad.

Mr Sleijpen’s role as secretary of the executive board council at APG will now be taken by Cordares’ Marco Brouwer.

The merger of APG and Cordares will create an enormous pension administrator with approximately €250bn in assets under management.

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