NETHERLANDS - A study of Dutch pension funds has unsurprisingly revealed APG, PPGM and Mn Services have removed Barclays Global Investors as the largest asset manager to Dutch pension funds, but evidence suggests foreign players are increasing their presence in the fiduciary market.

A study by Bureau Bosch of more than 80 asset managers who take over investments on behalf of Netherlands-based pension funds revealed the sum of assets managed externally amounted to €931bn in this year's study, compared with €618bn in the 2007 review.

More importantly, the arrived status of APG and PGGM - as asset managers to ABP and PFZW pension funds - has kicked BGI off the top slot as the largest asset manager to Dutch pensions, albeit Bureau Bosch recognises this is through a "technical intervention" through the birth of the two new managers.

The top 10 largest asset managers managed €660.5bn in assets to Q1 2008, compared with €380bn in Q1 2007.

At the same time, nine of these firms offer a combination of fiduciary, or multi-manager solutions and overlay programs, so compensating for some double counting the actual assets they managed amounted to €449bn or 63% of Dutch pensions fund assets.

Interestingly, fiduciary management indirectly looked after €256.5bn or 27.5% of scheme assets, but the sum of money managed by overseas managers appears to have decreased from 55% of all money to 36%, if only because Dutch asset managers tend to employ a fiduciary or multi-manager concept and assets are therefore actually managed overseas.

Stricter regulations and more complex requirements on pension funds has led many boards to outsource their asset management through the fiduciary route, according to Bureau Bosch.

Full details of the report will be published next month.

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