Head of Dutch pension fund resigns over probe: ANP

By IBTimes Staff Reporter | February 20 2010 5:40 AM

The head of Dutch ABP, the world's third-largest sovereign pension fund, has resigned over an investigation into a failed savings bank where he once sat on the board, ANP-Reuters said.

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Ed Nijpels sent a letter to ABP's board late Friday saying he could not continue given the investigation into the collapse of DSB and the likely months of public debate after its release, the agency said.

Nijpels, a former parliamentary leader of the center-right VVD party and housing minister, became chairman of ABP in August 2009. ABP ranks behind only Japan and Norway among sovereign pension funds, with 208 billion euros in fund assets.

DSB collapsed in October after a run on the bank and months of public pressure over its lending practices.

A commission is currently investigating DSB's collapse and the roles played in its supervision and management by a number of politically connected people, including Nijpels.

(Reporting by Ben Berkowitz; Editing by Nick Macfie)

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