Fri, 21/03/2014 - 06:00
Robeco Group is planning to focus on growth in the coming years having finalised a revised strategy for the 2014-2018 period.
Robeco been working on developing this revised strategy since the acquisition of a 90 per cent stake in the group by ORIX Corporation in July 2013.
Robeco’s strategy 2014-2018 will further build on the foundations laid in the previous strategy period. During that period Robeco’s assets under management have grown from EUR132bn at the start of 2010 to EUR205bn at the end of 2013, of which 47 per cent are institutional. The EBIT has increased by 84 per cent from EUR157m in 2010 to EUR290m in 2013.
Robeco has also been successful in realising attractive investment returns and outperformance for clients; in 2013 75 per cent of its products outperformed their benchmark (over a three-year period, gross of fees). Despite a year of ownership change, Robeco managed to attract a net inflow of EUR1.5bn and realised a net profit of EUR118m in 2013.
The strategy 2014-2018 focuses on growth in three regions, the US, Europe and Asia. In these regions Robeco and ORIX have a strong presence and foundations on which further expansion can be realised. Growth is expected to come from existing and new activities expanding from Robeco’s current base. Robeco expects to exceed an AuM level of EUR300bn in 2018 from organic growth. During this period Robeco and ORIX will also look for acquisition opportunities.
Roderick Munsters, CEO of Robeco, says: “Robeco has an 85 year heritage in servicing clients with asset management services and we want to remain a trusted long-term partner for our clients globally. We expect substantial growth in the US, Europe and Asia. At this time, approximately half of our AuM and clients originate from the US and we see strong growth potential in this market. We also see good potential in Asia and Europe, where we will expand in the coming years. The Netherlands remains a key market, in which we offer attractive investment products, solutions and service levels to our clients.”
Robeco expects strong growth of its subsidiary Robeco Investment Management (RIM) by focusing on the strength of RIM as a value equities manager.
In addition to fostering growth at its subsidiary Harbor Capital Advisors, Robeco will also strengthen the distribution of Robeco products in the US.
ORIX and Robeco are assessing the possibilities of adjusting Robeco’s corporate structure, especially in the US. The corporate restructuring should secure a level playing field for Robeco among its international competitors by establishing a new holding company, and should simplify the organisational setup.
In Japan, besides looking for suitable acquisition opportunities, Robeco is further developing its sales set up and leveraging on the ORIX network. In addition to the current sales offices in Asia, Robeco is considering the opening of an office in Singapore with a focus on sovereign wealth funds and key accounts. The investment capabilities based in Asia will continue to focus on Asia Pacific equities, but Robeco also has the ambition to expand into Asian fixed income.
Robeco will expand its European sales by adding further resources to existing sales offices and setting up an office in the UK focusing on key account management, consultant relations and the UK institutional market. In Europe, Robeco expects to realise growth with its quant capabilities, pension solutions and sustainability integration. As well as continuing to offer and develop pension solutions in the Netherlands, Robeco plans to enter the German and Swiss markets with multi-asset pension solutions. Robeco sees that client demand is shifting from products to solutions and believes that in the longer term it can provide suitable services to meet this demand and grow from this shift.
Robeco’s activities in Rotterdam, the Netherlands, will remain unchanged and Robeco will move to its new Rotterdam offices in 2016.
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