IPE - APG remains by far the world’s largest fiduciary manager, with more than €274bn in assets under management (AUM), but local rival Cardano and US-based BlackRock have both made inroads on the Dutch asset manager’s home turf over the past year, according to IPE’s survey of 23 fiduciary managers.
Rotterdam-based Cardano won the most new business in the Netherlands - approximately €15bn - in the year to 30 June, while BlackRock came second in the ranking, winning more than €8bn over the period.
ING Investment Management Europe came in third, winning €6.5bn.
In Germany, Europe’s second-largest fiduciary management market, BNP Paribas Investment Partners won approximately €2.1bn in new business, as did MEAG, the second-largest fiduciary manager in the world.
MEAG has more than €182bn in AUM, but the vast majority of these assets are the internally managed assets of the firm’s insurance parent.
The company remains by far the heaviest fiduciary hitter in Germany, with more than €173bn in AUM, leaving Allianz Global Investors (€7.9bn) and BNP Paribas IP (€2.1bn) a distant second and third, respectively.
In the UK - the third-largest fiduciary market in Europe - F&C Investments won the lion’s share of new business (€21.2bn), followed by Russell Investments (€5.3bn), Cardano (€5bn), Mercer (€4.2bn) and P-Solve (€2.6bn).
In Switzerland, MEAG again snapped up the most new business, its €1.9bn tally far outstripping the €700m won by second-placed Lombard Odier Darier Hentsch.