Dutch asset manager Robeco has outsourced part of its operations activities to JPMorgan, resulting in the layoff of around 70 Rotterdam-based staff.

Under the arrangement, JPMorgan will offer fund accounting, operations, custody, depositary, transfer agency and securities lending to Robeco.

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The move forms part of the asset manager’s 2017-2021 strategic plan that aims international growth in investment and client-servicing activities.

Robeco said that JPMorgan’s scale and technology will boost its adaptability to changing market conditions, as well as enable to it develop more sophisticated products and respond more swiftly to client demands.

The outsourcing process will commence this month and is expected to be completed within two years.

Affected staff will be entitled to the firm’s social plan that includes outplacement counselling. Robeco’s investment policies and teams will however, remain unchanged.

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Robeco CEO Gilbert Van Hassel said: “Outsourcing is the prevailing trend in the industry. As a consequence of the global playing field and increasing complexity, asset managers need a specialised operations provider with a global presence. Given the impact of this decision on our people, this is not a decision that we have taken lightly and we will implement the outsourcing with the greatest care for the people involved.”