Foreign asset managers have gained in the €528bn Dutch pensions market, according to consulting firm Bureau Bosch.
“Foreign asset managers are the winners of new Dutch pension plan money if mergers and takeovers are included,” it said. It said Dutch firms had lost market share as a result of large shifts between parties.
The shifts include Merrill Lynch’s acquisition of Philip’s in-house pensions management arm and ISIS’s takeover of F&C.
Bureau Bosch added: “Half of the asset management of Dutch pension money is in the hands of foreign asset managers.”
The firm surveyed around 80 investment managers managing money on behalf of Dutch pension plans. Dutch managers’ assets rose €20.6bn but foreigners’ assets rose by €21.1bn after the takeovers.
The consulting firm said that new Dutch regulations require a “profound knowledge of local regulations and tailor-made solutions” which could offer Dutch managers a comparative advantage.
And it said that the total of Dutch institutional assets managed externally has grown to €345bn from 2004’s €316bn – a 9% rise.
“Barclays Global Investors is still by far the largest manager of Dutch pension money,” Bureau Bosch said, adding it manages 12.8% of all externally managed Dutch pension plan money.