A Dutch pension scheme has dropped Goldman Sachs Asset Management from a €9bn ($11.9bn) fiduciary mandate it had held since 2006, a week after the fund manager posted record client outflows in the first quarter of this year.

The €9bn national transport workers' pension scheme, Pensioenfonds Vervoer, has replaced GSAM with Northern Trust to run the fiduciary mandate on an interim basis, the scheme's chief executive confirmed this morning.