NETHERLANDS - ABP improved its funding ratio by 6.8% in 2007, despite the impact of the credit crunch.
Assets grew by 7.8% to €216.7bn at the end of last year, while liabilities fell slightly from €156.4bn to €154.5bn.
Olaf Sleijpen, director corporate strategy and policy at ABP, told Global Pensions credit crunch and other developments, such as the slowdown in the US, had an overall impact on financial markets. He said: "I cannot deny that had an impact on ABP last year, but that is true for everybody.
"When you look at the month of August, which was the big month when all this happened, we made a positive return.
"This was for two reasons basically; first of all because we had actually invested in hedge funds that were using strategies that were almost counting on a demise in the credit market.
"Secondly, we did not invest in sub-prime products, so the credit crunch itself did not really affect us."
Alternative assets provided strong performance for ABP, with infrastructure, private equities and commodities returning 21%, 29.4% and 31% respectively.
In addition, hedge funds provided returns of 13.2% in 2007, up from 9.5% in 2006.
However, real estate yielded a negative return of -7.4%, compared to 2006 when returns were 35.9%.
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