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How our service provision is set up

We support our clients through two complementary services: fiduciary management and asset management. Through fiduciary management, we support our clients in their role as principal across the board and as asset manager we provide our clients in all investment markets with a solution based on the investing knowledge we have in house. Responsible investment is an integral part of the execution in this context.

We want to be up there with the best in the market. That is why the various asset classes at PGGM are managed by specialized investment teams. In order to give an impression of what this looks like in practice, we highlight a number of these teams in the chapter Results: A peek into the practice.

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Asset management

Being a best-in-class investor calls for more than just skilful asset management. It also requires proactively contributing ideas and providing insight into all facets of asset management for pension. For example, by always being transparent about return, risk and costs. We underscore the importance of a healthy financial sector and aim for stable and sustainable growth, in keeping with our clients’ ambitions.

Responsible investment means that we consciously take account of environmental, social and governance (ESG) factors in our investment activities. Our knowledge level in the area of responsible investment is high. We also hold a prominent role in this field worldwide. This contributes to excellent service towards our clients.

At PGGM, asset management is sub-divided into public and private markets. Public markets include shares in listed companies, for instance, while private markets could involve direct investments in infrastructure projects. Public markets, which we manage both actively and passively, account for the majority of our client portfolios. Within the public markets platform, we invest for our clients in asset classes such as listed shares, government bonds and corporate bonds.

Within the private markets platform, we actively invest in non-listed asset classes for our clients: private equity, private property, infrastructure, credit risk sharing transactions with banks, natural disaster risks and residential mortgages. We do this via mandates we give to external managers and increasingly through direct investments. Private investments help our clients to achieve higher and more stable investment yields and to realise a tangible impact on the real economy, including in the Netherlands. In the current financial markets, interest rates and returns are lower than in the past. These investments offer our clients a solution for this. Due to their long-term character, private investments are also a good fit with the longer investment horizon of pension funds. We also help our clients to contribute towards a liveable world. We do this by investing in e.g. rented care flats, wind farms, food producers and drinking water facilities.

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Fiduciary management

While the underlying assets are managed by specialised investors, as fiduciary manager we focus proactively and flexibly on improving our clients’ policy and the integrated control of its implementation. We manage the investment portfolio based on our clients’ beliefs.

As fiduciary manager, we monitor the risks and returns of the portfolio and constantly test these against the ambitions and obligations of our clients. Our clients are forced to take risks. After all, there is no return without some risk. As part of our fiduciary management, we try to chart out as accurately as possible where these risks lie and to then manage them as well as possible.

This requires knowledge in a number of fields. This could include not only risk management for the overall investment portfolio, for instance, but also the selection and monitoring of external managers.

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