NETHERLANDS - Robeco has confirmed in its end of year results it hopes to add manager selection this year and enter the fiduciary space.
A spokesman for the asset management firm confirmed Robeco was looking to lauch fiduciary asset management service at an unspecified time in 2007 and said: "There is more and more demand for fiduciary management, especially in the Netherlands."
He also stated Robeco would look to take its fiduciary offering global.
Robeco is the latest in a long line of asset managers operating in the Netherlands to launch fiduciary asset management. In fact, Fidelity recently revealed exclusively to Global Pensions its intention to do the same (see related news story).
In other Robeco news, the firm announced AuM increased in 2006 by 7.7% (€10.1bn) to €141.7bn and the inflow of new money from clients totalled €5.8bn. Net profit for last year amounted to €193m, an increase of €41m compared to 2005.
Robeco said its net cash inflow was spread evenly over European and US activities and over private and institutional investors. Robeco made substantial investments in the organization in 2006, launching activities in India, Poland and Saudi Arabia, and as a result its operating profit fell 5.4% in 2006.
Robeco highlighted its activities in sustainable investing, including the acquisition of a 64% stake in the Swiss company Sustainable Asset Management (SAM), and the introduction of Robeco Clean Tech Private Equity as a follow-up to Robeco Sustainable Private Equity.
Also in 2006, Robeco signed the United Nations Principles for Responsible Investment (UN PRI) and joined the Enhanced Analytics Initiative (EAI), an international alliance for institutional investors that is geared to promoting non-financial investment research. The firm's SRI AuM rose from €320m at the end of 2005 to €2.6bn (including SAM Group) at the end of 2006.
Recently, Robeco announced it would enter the Egyptian market through a convertible loan arrangement with local firm Obelisk, which can be exchanged for a 49% stake in the company's equity.
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