The investment chief at the €99bn Dutch pension-fund manager PGGM, has resigned - ending a period of comparative stability at the top of the investment team at the firm, which manages Europe's third-biggest fund.

Johan van der Ende is leaving the firm following a clash over strategy with other members of its executive committee, according to a source close to the situation. Though he had been chief investment officer at PGGM since 2008, it was only in January this year that he became a member of the newly-formed committee.