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TKP Investments. Fiduciary Management and International Asset Pooling. A presentation to the AIMSE Conference. London, February 27 th 2007 Roelie van Wijk, CIO. Agenda. Context - TKP Investments Trends and developments Fiduciary Management International Asset Pooling

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tkp investments

TKP Investments

Fiduciary Management and

International Asset Pooling

A presentation to the AIMSE Conference

London, February 27th 2007

Roelie van Wijk, CIO

agenda
Agenda
  • Context - TKP Investments
  • Trends and developments
  • Fiduciary Management
  • International Asset Pooling
  • Market opportunities
  • Conclusion
context tkp investments
Context - TKP Investments
  • Strong pension fund roots (former pension fund for Dutch Post)
  • Since 1989 fiduciary management and multi manager approach
  • In total 10 billion euro Assets under (Fiduciary) Management
  • Since 2003 100% subsidiary of AEGON
  • Close cooperation with other AEGON subsidiaries e.g. Diversified Investment Advisers (United States)
trends and developments pension funds
Trends and developments pension funds

new rules and

regulations

concerns of

sponsor

complex financial markets

?

?

?

?

pension fund board

?

?

  • outsourcing of asset management:
  • specialist single managers
  • multi-managers
  • fiduciary management
  • shift from DB to DC schemes
  • joining industry wide pension funds
  • reinsurance of liabilities
  • international asset pooling
what is fiduciary management
What is fiduciary management?
  • Partnership between pension fund’s board and fiduciary manager
  • Board concentrates on strategic issues (e.g. premium policy, indexation policy, strategic asset mix, risk budget) and supervises the fiduciary manager
  • The fiduciary manager advises the board on strategic issues and takes over all operational issues
activities of the fiduciary manager
Activities of the fiduciary manager
  • Advice on strategic issues
  • ALM study
  • Portfolio construction
  • Selection, hiring, monitoring and firing external managers
  • Continuous risk management
  • Coordination of performance measurement and attribution analysis
  • Reporting to client and regulator
our modular proposition

Fiduciary Management

Monitoring Liability driven restrictions

Strategic mandate and risk budgetting

Mission and goals

ALMstudy

Performance, attribution and reporting

Portfolio construction

Multi manager pools

Risk monitoringand -management

Multi Management

Our modular proposition
international asset pooling
International asset pooling
  • Governance rules are forcing multinationals to consolidate their pension plans
  • Consolidated pension plans will lead to economies of scale and cost savings
  • The biggest benefit for multinationals is in asset pooling
  • Pooling: combining pension assets from different territories tax efficiently
  • Further development of our local multi-manager capabilities internationally
drivers for our development of pooling apn
EXTERNAL

Shorter life cycle

Portable alpha

Open/Guided platforms

Economies of scale

Globalisation

Multinational Pension Funds

INTERNAL

Client diversity

Costs

Fiscal treatment differences

Innovation

Quality of processes and system

Drivers for our development of pooling (APN)

CONSIDERATIONS

  • How do we maintain the fiscal status of different participants?
  • Which legal vehicle is most suitable?
  • Consolidation of assets?
  • …….
market opportunities
Market opportunities

Current “hot spot”

Core market

Future hot spot

Multi-

management

Multi-national PF pooling

Fiduciary management

Key benefit for multi-nationals

Critical role for multi-management

Exponential growth market in the Netherlands

Midsize and larger PF

The rest of Europe to follow?

Growth market in Europe

Wholesale clients and smaller PF

conclusion
Conclusion
  • The pension fund world is changing rapidly driven by regulatory change
  • There is a growing need for integrated solutions (client intimacy)
  • Fiduciary Management will grow together with pension administration (as part of a bundled proposition)
  • As a stand alone proposition Semi Fidiciary Management will grow: pension funds want flexibility to select only part of the building blocks
  • The future ‘fiduciary’ winners will provide domestic solutions in a global framework (international pooling)