Dutch asset managers are growing in prominence in IPE’s definitive ranking of Europe’s largest institutional managers, with PGGM Investments for the first time among the 10 largest firms by AUM, according to IPE’s Top 400 Asset Managers 2014 survey.

PGGM, responsible for the assets of healthcare sector pension fund PFZW and a number of smaller Dutch funds, saw assets under management (AUM) increase by €21.8bn to €154.9bn, causing it to enter the Top 10 at ninth place, ahead of Deutsche Asset & Wealth Management, with European institutional assets worth €152bn.

The Dutch manager also saw one of the largest percentage increase in assets at 16.4%, behind BNY Mellon Investment Management (BNY Mellon IM) 60.3% rise from €271bn to €434.6bn, and the 17.5% increase witnessed by fellow Dutch manager Robeco.

BNY Mellon Investment Management has risen to become one of Europe’s largest managers of institutional assets – second only to BlackRock. The BNY Mellon IM affilliate Insight Investment recorded a year-on-year AUM increase from €249.8bn to €328.8bn. At the beginning of 2013, currency manager Pareto Investment became part of the Insight group. 

Top 20 European institutional managers
 Company2014 Total2013 Total
    31/12/13 (€m) 31/12/12 (€m)
1 BlackRock 625,065 614,716
2 BNY Mellon Investment Management 434,653 271,005
3 Legal & General Investment Management 381,975 366,975
4 APG 343,000 324,000
5 State Street Global Advisors 260,121 243,623
6 Amundi 255,098 231,406
7 PIMCO 202,759 207,392
8 Natixis Global Asset Management 165,400 164,755
9 PGGM 154,898 133,081
10 Deutsche Asset & Wealth Management 152,047 199,731
11 Aberdeen Asset Management 138,402 145,784
12 BNP Paribas Investment Partners 137,192 148,359
13 Goldman Sachs Asset Management International 134,580 130,622
14 UBS Global Asset Management 122,080 112,247
15 Union Investment 108,203 100,887
16 MN 92,238 90,464
17 Helaba Invest 89,594 82,532
18 Schroders 88,740 76,175
19 F&C Management 77,161 97,557
20 Robeco Group 74,655 63,506

The breakdown of Europe’s largest institutional managers also saw Legal & General Investment Management and Dutch pension manager APG fall one rank, respectively, despite AUM increasing at both firms.

Natixis Global Asset Management rose one spot to eighth despite only a slight increase in assets, followed by PGGM.

Its rise contributed to DeAWM falling two places to round out the Top 10, after its AUM declined €47bn.

BNP Paribas Investment Partners, which has been in the Top 10 for the last three years, fell two places to 12th, behind Aberdeen Asset Management.

Both saw AUM fall, with BNP seeing an €11.1bn slump.

MN saw its fortunes continue to rise as it claimed the 16th spot, rising one place and climbing from 21st three years prior.

F&C Asset Management, recently acquired by Canada’s Bank of Montreal, fell to 19th, ahead of Robeco, a new top 20 entrant with €74.6bn in assets. The Orix Group-owned manager is another Dutch success story, rising from 31st place in 2011’s Top 400 to 23rd last year. It has seen its AUM increase by €11.1bn.

Currently only four of the top 20 managers are based in the Netherlands.

Germany was tied with the Netherlands, although only two of the four German managers consider their base to be exclusively in the country – Union Investment ranked 15th, while Helaba Invest came in at 17th.

Both firms saw assets increase by a similar amount – €7.3bn and €7bn, respectively.

Readers wishing to order a hard copy of the IPE Top 400 Asset Managers 2014 or looking to request it in a digital or Excel format should contact Emma Morgan-Jones at morgan.jones@ipe.com.