mast image

Special Report

Impact investing

Sections

Rabobank exploring 'options' for Robeco, including sale

Related images

  • Rabobank exploring 'options' for Robeco, including sale

NETHERLAND - Rabobank Group is looking into the "strategic options" for its subsidiary and asset manager Robeco as part of a strategic reorientation, it has confirmed.

A spokesman at Rabobank, who declined to provide further details, said one of the options "might be the sale of the company".

The €150bn asset manager has been headed by Roderick Munsters - former CIO of the Dutch civil service pension scheme ABP - during the past two years.

Under his watch, the company has refocused on institutional investors and launched a cost-cutting operation.

Since 2009, it has slimmed down from 2,100 to less than 1,600 staff, sold a bank in France, merged its Swiss activities and ceased operating in Singapore, Denmark and Sweden.

Munsters recently said his aspiration was to make Robeco the market leader in the Netherlands again and to increase asset under management for both Dutch and foreign institutional investors to €250bn by 2014.

However, the asset manager reported an investment result of -7.1%, falling short of its benchmark by 3.8 percentage points.

The financial daily Het Financieel Dagblad reported that Rabobank wanted to sell the asset manager to become "less dependent" on capital markets.

Citing unnamed sources, it added that Rabobank had hired merchant banks Deutsche Bank and JP Morgan to organise the deal, worth at least €1.5bn.

In a written statement, Robeco said Rabobank had informed the asset manager it was exploring "all strategic options" as part of the bank's "strategic reorientation process".

Robeco said it was confident the performance and sustainability of its business would continue - "whatever the outcome of the process" - given its track record and the strength of its offering.

It pointed out that more than 80% of its investment products had outperformed their benchmarks on a three-year basis, and that assets under management had grown to €177bn, compared with €150bn at the end of last year.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Here
<