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IPE's Top 400: Dutch managers increase share of European institutional market

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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)
1BlackRock625,065614,716
2BNY Mellon Investment Management434,653271,005
3Legal & General Investment Management381,975366,975
4APG343,000324,000
5State Street Global Advisors260,121243,623
6Amundi255,098231,406
7PIMCO202,759207,392
8Natixis Global Asset Management165,400164,755
9PGGM154,898133,081
10Deutsche Asset & Wealth Management152,047199,731
11Aberdeen Asset Management138,402145,784
12BNP Paribas Investment Partners137,192148,359
13Goldman Sachs Asset Management International134,580130,622
14UBS Global Asset Management122,080112,247
15Union Investment108,203100,887
16MN92,23890,464
17Helaba Invest89,59482,532
18Schroders88,74076,175
19F&C Management77,16197,557
20Robeco Group74,65563,506

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.

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