mast image

Special Report

Impact investing

Sections

NIB Capital declines comment on losses report

NETHERLANDS – NIB Capital, the bank co-owned by the two largest Dutch pension funds, has declined to comment on a newspaper report that a Belgian joint venture has lost millions of euros in options trading.

Dutch daily Financieele Dagblad said irregularities have been discovered at a Belgian joint venture of the bank, which is 50:50 owned by civil service scheme ABP and health care fund PGGM.

The losses at NIBC Petercam Derivatives could hamper the schemes’ plans to sell NIB Capital.

The losses are reportedly between €20m and €50m. According to the daily, the exact damage will depend on the settlement of the option contracts. So far it is not clear whether the losses have been caused by fraud or by too risky positions.

A spokesman of NIB Capital, which made a profit of €175m last year, declined to comment.

“We are working on a new structure at NIBC Petercam Derivatives. Further announcements will be issued next week,” he said. A spokesman for parent company Petercam also refused to comment.

It is not yet clear what part of the losses NIB Capital will take. Its annual report of 2004 states that the bank will guarantee the liabilities from the derivatives contracts of the Belgian joint venture.

The financial watchdog, the Dutch central bank, or DNB, has become involved but declined to comment to IPE.

The Dutch director of the Brussels-based equity bank, Alexander de Groot, has reportedly been taken off active service. De Groot is also partner at Petercam, one of the largest equity firms in Belgium.

NIBC Petercam Derivatives started in 2001. The joint venture has a client base across Europe and the Middle East. It employs 26 people and has a branch in Madrid.

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
<