Nationaal Kosten Onderzoek Beleggen
Het Nationaal Kosten Onderzoek Beleggen is a Dutch initiative of AF Advisors and DEAL Consultancy and is the only report in which the costs of investing within all pillars (2nd, 3rd and 4th) are discussed. This is relevant for a market in which the traditional division between institutional, wholesale and retail is disappearing and where many providers operate in a variety of fields.
2021 report available
The 2021 report has recently become available with the research results at the end of 2020. It is a structured, substantive report based on current research. The report costs 3,500 euros ex. VAT.
The report broadens the scope, stimulates thinking and supports investment service providers in comparing costs and determining their pricing. The report contributes to international asset management organizations by providing insight into the specific Dutch situation on the basis of independent data.
Meer dan 2.000 billion euros – 11 million Dutch people
Consumers, regulators but also competitors are looking over the shoulder at the structure and level of those costs. Het Nationaal Kosten Onderzoek Beleggen 2021 offers a broad comparison of the costs of investment products from 170 banks, pension funds and insurers. Together, these providers manage more than 2,000 billion euros in invested capital and have more than 11 million, directly and indirectly, investing Dutch people as customers!
For many investments, pension accrual is the most important or even the only goal. We have therefore divided the researched investment propositions into segments that tie in with the so-called pension pillars:
The second pillar concerns the pension schemes that employers organize for their employees. Within this pillar, we distinguish two variants: the Collective pension – traditional DB or CDC schemes and the Individual pension or iDC. Supplementary pension in the third pillar concerns supplementary individual pension products with tax benefits. In the fourth pillar, people can individually accrue extra pension without tax benefits, or invest for other purposes. We differentiate this between “Managed investing”, where the provider compiles and manages the client’s investment portfolio and “Execution-only” where the client chooses. The 2021 report also includes “Gemaksbeleggen” as a separate proposition category. This concerns mixed funds that customers choose themselves based on their risk profile, and where management then takes place within the fund, under the hood.
For the sake of comparability, only ready-made investment propositions are included in the analysis. With Individual pension, this is the default investment solution (lifecycle investing).
For propositions in the third and fourth pillars, the costs of the neutral investment profile/mix fund are analyzed on the basis of three one-off investment amounts: 10,000, 100,000 and 1,000,000 euros. These amounts are invested for ten years, without transactions by the client. We measure reporting integral costs: investment costs and other costs such as administration and implementation costs. Internal transaction costs of investment funds are not included.
- 2020 edition of Het Nationaal Kosten Onderzoek Beleggen
Sustainable Investing Dashboard
The Sustainable Investing Dashboard is a survey conducted by AF Advisors and Deal Consultancy. The dashboard provides in-depth, accurate and actual data about the local market, particular segments, asset managers, products, distributors and campaigning. It provides a detailed overview of the most relevant and elementary elements for your strategic and day-to-day commercial – marketing activities for asset managers and banks.
2021 report available
The 2021 report has recently become available with the research results as at the end of 2020. It is a structured, substantive report based on current research. The report provides expert insights on sustainable investing in the local Dutch wholesale market, knowledge about sustainable leaders and shifting demand.
The following subjects are included in the Sustainable Investing Dashboard:
- An analysis of sustainable investing propositions offered by the five largest private banks, the largest fund platform and three iDC products with the most sustainable propositions. The analysis gives an overview of those propositions that best capture the bulk of the sustainable investing assets in the Dutch wholesale market.
- An overview of sustainable investing trends.
- An analysis of sustainable investing funds. The different investment funds are assessed on their exclusion policy, ESG criteria and voting and engagement policy. Five categories are the result of the assessment of the funds, ranging from minimum effort to impact investing.
The report includes a brief explanation of the methodology for the scoring and the data being used. Subsequently, the first section deals with the main banking and iDC service providers, with attention per service provider for the propositions, the instruments used and the degree of sustainability. In the second section market and product data are given. Successively, the most remarkable developments, market shares, individual products and characteristics are described. The dashboard concludes with a summary of the interaction between distribution, market and products.
- 2021 Sustainable Investing Dashboard
Beleggen in private debt
De ontwikkelingen op de financiële markten hebben gezorgd voor een behoefte aan verdere diversificatie in rendement en risico bij institutionele beleggers. In het huidige investeringsklimaat, waar naast de reguliere eisen aan rendement en risico ook duurzaamheidseisen worden gesteld aan (schuld)investeringen, biedt private debt interessante mogelijkheden.
In de paper geeft AF Advisors, in samenwerking met NN Investment Partners, inzicht in de mogelijkheden om buiten de publieke markten te investeren in leningen. De paper beschrijft hoe groot en breed het domein van private debt is, bestaande uit meerdere sectoren en een groot aantal subcategorieën.
Het universum van mogelijke private debt beleggingen is in deze paper overzichtelijk weergegeven, de toegevoegde waarde in de beleggingsportefeuille is beschreven en er is uitgelegd waarom private debt steeds populairder wordt bij institutionele beleggers. De verschillen tussen public en private debt beleggingen zijn weergeven en tot slot zijn belangrijke inzichten vanuit zowel het perspectief van een private debt manager als een institutionele belegger gedeeld.
Het rapport is beschikbaar op aanvraag.
- 2021 Beleggen in private debt