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APG listed as the biggest asset manager coming from the Benelux region (Belgium, Luxembourg and the Netherlands) in 2021. Worldwide assets under management (AUM) of the Dutch company, which manages pension funds, were valued at *** billion euros. Asset managers from the Netherlands overall reached a higher AUM than those from Belgium or Luxembourg. In fact, seven out of the ten largest asset managers in the region were Dutch. A reason for this could be that the Netherlands overall had a higher number of asset management companies than Belgium. Luxembourg had the highest number of companies, though, but it is likely that most of these come from outside the Grand Duchy.

Asset management is an important side activity for financial institutions in the Benelux...

Most entries in this ranking are dedicated asset management branches within larger groups of financial institutions. For instance, one of Belgium’s largest asset managers is part of the bank KBC. For the Netherlands, the biggest asset managers are pension funds or insurance companies. In 2019, total AUM of Dutch pension funds was worth around **** trillion euros.

… but private banking also plays its part

Asset managers can also consist of private banks or wealth managers, who generally serve clients with a higher portfolio than regular customers. In 2019, clients with assets over **** million euros represented over ** percent of total AUM in Luxembourg private banking. In Belgium, most AUM can be found in the private banking divisions of the four biggest banks of the country. This is probably due to the relatively low bar set for clients: investable assets of ** euros or more are enough to participate.