Households withdraw money from investment funds

Statistical News Release
Date 26 April 2012

In 2011 total net assets of Dutch investment funds rose by 4.8% (EUR 22.1 billion) to EUR 478.8 billion. Growth of net assets was entirely attributable to net inflow of EUR 26.7 billion.

A loss of EUR 17.6 billion was incurred on shares of investment funds (note 1). This loss was mainly due to the worldwide decline in share prices.  In 2011 the AEX index lost 11.9% and the MSCI World Index (benchmark denominated in euro) declined 4.5%. In 2010 net assets of Dutch investment funds had still gained 12.7% (EUR 51.6 billion). The number of investment funds increased from 1,413 in 2010 to 1,468 in 2011.
 
Pension funds are the main holders of units in Dutch investment funds.  At the end of 2011, they held units in Dutch investment funds to a total of EUR 383.6 billion (note 2). This corresponds to a share of 80.1% based on the value of units issued (see figure 1). At 2010 year-end, pension funds had invested a total of EUR 348.7 billion in Dutch investment funds.

Holdings of Dutch collective investment schemes (year-end 2011)

In 2011, pension funds made deposits in Dutch investment funds to a total of EUR 33.3 billion. This amount was distorted upwards by transfers through which pension funds transferred an amount of EUR 21.3 billion in directly held investments to investment funds.[1] After pension funds, insurance companies (6.8%) and investment funds themselves (6.2%) are the main holders of units in Dutch investment funds. At year-end 2011 households held 4.5%.


Investments of households in Dutch investment funds fell from EUR 31.2 billion in 2010 to EUR 21.5 billion in 2011 (see figure 2). This sharp decline was mainly attributable to net withdrawals of EUR 7.5 billion. The relatively high net outflow was largely caused by the swap of Rabobank Member Certificates in October 2011 worth EUR 6.7 billion (a major part of which was held by households). In 2010, households made net deposits of EUR 12 million in Dutch investment funds.

Investments of households in collective investment schemes

Household holdings in foreign investment funds have also declined. Investments in foreign investment funds fell from EUR 26.7 billion in 2010 to EUR 24.5 billion in 2011. Households withdrew at total of EUR 0.9 billion from foreign investment funds in 2011. In 2010 households had still deposited an amount of EUR 2.2 billion in foreign investment funds. The net sales of units in both Dutch and foreign investment funds by Dutch households in 2011 may be due to the growing risk-averseness among households.

For further information please contact Herman Lutke Schipholt (tel. +31 20 524 2712, + 31 6524 96 900) and Kees Verhagen (tel. +31 20 524 2272, +31 6 211 23 922).
 
Notes

Note 1: The other differences amounted to EUR 12.9 billion in 2011. These include population differences and differences due to statistical processing.  
Note 2: See table 6.3 on the 'Investment funds' page on DNB’s website for the (revised) statistics on the holdings in Dutch collective investment schemes. 
Note 3: The relatively large holdings of pension funds in Dutch investment schemes are due to the fact that pension fund managers set up mutual funds (MIFS) a couple of years ago with which pension funds placed a part of their assets. These MIFS are also open to other pension funds

Note 4: The Rabobank Member Certificates were considered to be units of a collective investment scheme, i.e. Rabobank Ledencertificaten NV. This collective investment scheme invested in a deeply subordinated loan to Rabobank Nederland. The new Rabobank Member Certificates are units issued directly by Rabobank Nederland