ASR Vermogensbeheer N.V. (Asset Management) conducts all of a.s.r.’s asset management activities, with the exception of direct real estate. Real Estate assets are managed by a.s.r. real estate, see section 4.4.3.
Market
The asset management market is consolidating rapidly, as a result of increased legislation, stricter supervision, international competition and the realisation of economies of scale. The number of independent Dutch asset managers has been shrinking for years, while a need for specific knowledge of the Dutch market remains. This provides opportunities for a.s.r., as a focused Dutch asset manager that is close to the market, personal and solution-oriented. Furthermore, the Dutch pension landscape is changing due to the implementation of the future pension law (Wet toekomst pensioenen - WTP). As a provider of insurance, pension administration and asset management services, this offers possibilities for a.s.r. to offer integrated solutions for the pensions market, for example via buyouts, defined contribution propositions or tailored asset management solutions.
Products
a.s.r. manages separate accounts for customers outside of a.s.r. The product range includes corporate bonds, government bonds, equities and balanced mandates. a.s.r. provides bespoke solutions with a sound return on investment. a.s.r. primarily invests in assets and markets that it really understands, in countries and companies that comply with a.s.r.'s social and sustainability criteria, demonstrating that sustainability and financial returns can go together. For example, a.s.r. introduced a global impact equity fund in 2023 (Article 9 SFDR). a.s.r. also offers funds and other solutions in various asset classes that may be implemented in different life cycles, which can be used for defined contribution and other pensions solutions.
Strategy and achievements
a.s.r. manages assets for its own account and offers asset management services for affiliated entities as well as third parties. a.s.r. believes that, in the long-term, companies that embed sustainability, quality and risk-spreading in their policies generate economic and social value, at a lower risk. a.s.r.’s strategy is based on this principle. a.s.r. aims to create sustainable value for its stakeholders, now and in the future. For that reason, a.s.r. seeks not only financial, but also social returns, through investments that are checked for environmental aspects and human rights, and by opting for impact investments, which are long term. For example, a.s.r. does not invest in cryptocurrencies or conduct day trading. As a result, a.s.r. may miss short-term returns, but this is consistent with its focus on the results for the longer term.
Furthermore, a.s.r. is taking into account Solvency II requirements, is cost-efficient, and generates fee income from the management of mutual funds. These funds are also used within defined contribution pensions products such as 'Werknemerspensioen' and 'Doenpensioen'.
a.s.r. invests for its third-party customers in the same way as it does for its own balance sheet. The current investment climate, characterised by declining inflation, rising geopolitical uncertainties and modest economic growth, is challenging. One of the ways that a.s.r. protects its investment returns is through effective diversification, investing in a combination of liquid assets like bonds and equities and ‘real assets’, such as real estate. Since the business combination with Aegon NL, a.s.r.’s focus has been on managing the general account portfolios of the insurance entities, as well as the affiliated and third-party portfolios, especially in the pensions business.
Transfer of funds
As part of the business combination with Aegon NL, a.s.r. transferred the management of the ASR (Separate Account) Mortgage Fund, ASR Private Debt Fund I and ASR Renewable Infrastructure Debt Fund to Aegon Asset Management on 1 July 2024. The services to clients will remain unchanged.
Outlook for 2025
In 2025, a.s.r. will continue to serve its clients through a combination of integrated asset management solutions and individual asset categories, such as fixed income and equities. As part of its sustainability strategy, a.s.r. has set an ambitious impact target with investments that generate a measurable favourable social or ecological impact, in addition to financial returns. a.s.r. will also continue to increase the managed assets of affiliated portfolios and external customers, especially in the pensions market, where the new pensions law will be pivotal.