Externally managed assets for Dutch pension funds rose 21% to €922 billion ($1.27 trillion) in the year ended March 31, according to an annual report published by independent investment consultant Bureau Bosch.
The increase is “mainly the result of market performance over 2009,” according the report. In the previous year, externally managed pension assets had dropped by 19%.
APG, which manages the assets of the €218 billion Stichting Pensioenfonds ABP, Heerlen, remains the top manager in the Netherlands in terms of assets managed for pension funds in 2010, with €237.5 billion in assets under management.
BlackRock more than tripled assets under management in the Netherlands to overtake PGGM as the country’s second-largest manager of pension assets with about €100 billion as of March 31. The jump is mostly due to BlackRock’s 2009 acquisition of BGI, which last year had €52.5 billion in assets and ranked fourth. BlackRock managed €27.3 billion in Dutch pension assets in 2009.
“BlackRock is in fact the largest (external) manager of Dutch pension assets” since most of the assets managed by APG is on behalf of ABP, according to the report. Excluding APG, the top 10 managers run about 70% of Dutch pension assets and the top five managers run about 52% of Dutch pension assets.
PGGM, which manages the assets of the €80 billion Pensioenfonds Zorg en Welzijn, Zeist, was third with €90 billion. Mn Services, which was third in last year’s ranking, fell to fourth with €66 billion. Rounding out the top five is Syntrus Achmea with €58 billion in pension assets under management.
Foreign managers handle about 33% of external pension assets in the Netherlands, which is Europe’s second-largest pension market behind the U.K. BNP Paribas Investment Partners, which acquired Fortis Investments in 2009, placed eighth with €30 billion in Dutch pension assets under management.
State Street Global Advisors was 11th at €25.4 billion in Dutch pension assets under management; Goldman Sachs Asset Management, 14th with €15.6 billion; and Pacific Investment Management Co., 18th with €7.7 billion.