TREE NEWS update: APG, the investment manager for Europe’s largest pension fund Stichting Pensioenfonds ABP, is terminating its active equity strategy after it failed to deliver satisfactory returns. The firm, which manages about €639 billion ($715 billion) largely for ABP, said the move will cut 40 jobs — 29 in the Netherlands, 7 in the US and 4 in Asia. Its asset management arm had 1,211 employees and €33 billion in active equity assets last year.
APG Ends Active Equity Strategy After Unsatisfactory Returns, Cuts 40 Jobs
AI take
A €639 billion manager abandoning active equity is a notable signal for European institutional allocators, especially since APG's scale and ABP relationship give it outsized influence on how peers view the cost-benefit of stock-picking. The job cuts spanning the Netherlands, US and Asia suggest this is a structural retreat rather than a regional adjustment. The open question is whether other large European pension managers follow with similar passive shifts, and whether APG's remaining active equity book — €33 billion last year — is wound down or transitioned elsewhere.
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