APG Ends Active Equity Strategy After Unsatisfactory Returns, Cuts 40 Jobs

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.