APG, the asset management arm of the €205bn Dutch pension scheme ABP, is expanding its operations at its Hong Kong office.
Daan van Aert, director and head of strategic real estate for Asia, confirmed that the office would have a new head in January and would be recruiting for a new fixed income team based in Hong Kong.
The office’s current head is Jeroen Schreur, but he will be replaced on December 31 by Fer Amkreutz, who will serve as the organisation’s new president of Asia.
Mr Van Aert would not go into details on why the change was being made. He did however point out that APG would be focusing more on local partnerships for its Asian investments, which suggests that Mr Amkreutz’s experience or background could be better suited for this role.
The fixed income team is in the process of being created. Mr Van Aert said that normally this has been run from the head office in Amsterdam, but with more expansion in Asia the group saw it as advantageous to have a team on the ground. No number was given on how many people would be added. The individuals are likely to come from the Asia-Pacific region.
He says: “Recently we have been setting up a team for fixed income. Some are already here. The expectation is that assets under management will be increased.”
As for the real estate division that he leads, Mr Van Aert said he was looking at new opportunities in south-east Asia, though he would not name any specific countries apart from China. Initial investments in these markets are expected to be small as the ventures into emerging market real estate carry larger risks.
He said: “We are currently investigating possibilities there, and there are attractive opportunities for the long term. We are considering small investments and will have to see how these areas evolve.
“We see the most opportunities in emerging markets and one of them is mainland China. The fundamentals are there for long-term growth. The main play we see there is in the residential area.”
The office was opened in 2006 in an effort to take advantage of Asia’s growth and be part of a network of local investors. Initially it focused on real estate and infrastructure, and later added an equity team. Mr Van Aert hinted that there could be more additions made to the equity team as well. The office currently employs 27 people, a number that he is confident will increase.
Since becoming an asset management firm last year, APG has taken control of the assets of several pension funds around Europe. However, Mr Van Aert says there were no plans at this point that he knew of to take over any Asian pension funds.

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