Overzicht columns

Han Dieperink: Wars drive innovation

Fri, 22 May 2026 06:02:04 +0200

^{This column was originally written in Dutch. This is an English translation.}

War is terrible, but the need to win drives innovation in a way that peace rarely manages to achieve.

By Han Dieperink, written in a personal capacity

Edward Roozenburg: AI agents as a prime target for hackers

Tue, 19 May 2026 14:16:52 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Edward Roozenburg, Senior Risk Management Consultant, Probability & Partners

If you’re not careful with AI agents, you’ll be handing them the keys to the pension fund and letting them write down the safe combination straight away. Just what a hacker needs!

Harry Geels: The end of banking (as we know it)

Tue, 19 May 2026 12:28:29 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Professor Campbell Harvey recently announced the end of the bank as a business model, citing four key developments. It is an interesting view, but things are unlikely to happen that quickly. Regulatory inertia and political interests will keep banks afloat for a long time to come.

AF Advisors: To gain control of the Wtp chain, a guaranteed TOM is required

Tue, 19 May 2026 10:36:09 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Ed Vermeulen, Director of Organisational Consultancy, and Dirk-Jan Gerrits, Partner, both at AF Advisors

During the roundtable discussions on SPR implementation organised by AF Advisors, it became clear once again just how important a shared target operating model (TOM) is for pension funds.

Wim Zwanenburg: Integration of European stock exchanges is essential

Fri, 15 May 2026 10:01:59 +0200

^{This column was originally written in Dutch. This is an English translation.}

The fact that an increasing number of European companies are opting for a primary listing on the NYSE or Nasdaq rather than on the London Stock Exchange or another European stock exchange points to a fundamental problem.

By Wim Zwanenburg, investment strategist at Stroeve Lemberger, written in a personal capacity

IVBN: Local flexibility as a solution to vacant retail space

Fri, 15 May 2026 06:01:18 +0200

^{This column was originally written in Dutch. This is an English translation.}

The housing crisis calls for boldness and political and administrative flexibility. Building homes above shops is a promising, sustainable solution. The fact that projects fail to get off the ground is not due to a lack of will, but to regulations, procedures and financial barriers.

By Judith Norbart, Director, IVBN

Han Dieperink: The bull market is only halfway through

Tue, 12 May 2026 15:21:22 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

Since the autumn of 2022, I have been sticking to the ‘über-Goldilocks’ scenario: an economic and stock market environment that is almost too perfect. Not too hot, not too cold, but just right – and then a little bit more on top of that.

Harry Geels: Europe is saving itself into poverty

Tue, 12 May 2026 15:18:22 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels,

There is now more than €14 trillion in savings held at European banks. In doing so, households are eroding their purchasing power, boosting banks’ profit margins and limiting the investment capacity needed for Europe to catch up with the US. The culture of saving has become too institutionalised in Europe.

Anton Kramer: Investing domestically

Tue, 12 May 2026 08:01:42 +0200

This column was originally written in Dutch. This is an English translation.

By Anton Kramer, Co-founder of OverRendement

Dutch pension funds are under pressure from both politicians and the business community to invest more domestically. Hundreds of billions are needed, particularly for housing construction.

Valentijn van Nieuwenhuijzen: Europe’s awakening

Tue, 12 May 2026 06:01:23 +0200

By Valentijn van Nieuwenhuijzen, Investment Strategist and former CIO of NN Investment Partners/Goldman Sachs Asset Management

Europe is its own harshest critic. We constantly tell ourselves that we are too slow, too bureaucratic and too divided. We look outwards for leadership and inwards for problems. This creates the image of a rudderless continent, dependent on the US for security and technology, whilst China gains ground economically.

Pim Rank: CRD VI - a ban on banking services from third countries?

Fri, 08 May 2026 10:04:50 +0200

^{This column was originally written in Dutch. This is an English translation}

The revised Capital Requirements Directive (CRD VI) makes it considerably more difficult for firms based outside the EU to provide banking services within the EU. The question is whether the proposed restrictions are proportionate.

By Prof. Pim Rank, Solicitor at NautaDutilh in Amsterdam and Professor of Financial Law at Leiden University

MFS: Navigating ESG risk and uncertainty in EMD

Fri, 08 May 2026 06:04:06 +0200

Understanding how material ESG factors influence credit risk is a key aspect of navigating uncertainty and opportunity in emerging market debt investing.

By Pelumi Olawale, Katrina Uzun and Aimee Kaye

Pim Poppe: How do we staff the risk management organisation?

Wed, 06 May 2026 13:49:07 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Pim Poppe, Managing Partner at Probability & Partners

Risk management has become enormously broad and deep in recent years. Regulations governing risk management are often extremely prescriptive, sometimes provide limited guidance, and are sometimes even absent, particularly where emerging risks are concerned.

Harry Geels: Four monetary mechanisms that exacerbate inequality

Tue, 05 May 2026 15:22:36 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

In our society, there are various structures that perpetuate inequality. The monetary system is one of them. It favours the ‘haves’ over the ‘have-nots’ through inflationary policies, support for financial markets, and financial repression. Monetary policy also supports banks, including through monetary bailouts.

Frans Verhaar: The legacy of the previous cycle

Tue, 05 May 2026 08:26:45 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Frans Verhaar, Managing Director and Head of Continental Europe at bfinance

Nine out of ten institutional investors worldwide are positive about infrastructure. Half intend to increase their allocation further. This is no passing fad: in our recent survey of around forty major LPs with a combined $4 trillion in assets under management, infrastructure was the only private asset class about which virtually no one had any doubts.

Bob Homan: AI makes analysts more human

Tue, 05 May 2026 08:19:23 +0200

By Bob Homan, Head of ING Investment Office

What is the added value of an equity analyst now that AI can effortlessly take over the calculations? The answer lies in unrivalled imagination.

CFA Society Netherlands: Security and resilience require pension funds to make choices

Fri, 01 May 2026 10:01:58 +0200

^{This column was originally written in Dutch. This is an English translation.}

Peace, security and the resilience of society are under pressure in Europe. Geopolitical tensions are mounting and the future of US involvement in European security is uncertain. Pension funds need to consider the role they wish to play in this context.

By Jaap van Dam, Member of SPIL, Owner of VanDam Investment Advisory, Strategy for Asset Owners

Han Dieperink: A hawk or a dove?

Tue, 28 Apr 2026 15:21:29 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

The US Senate has approved the appointment of Kevin Warsh as Chair of the Federal Reserve. But who exactly is Kevin Warsh, and what can we expect from him?

Harry Geels: A K-shaped economy is less susceptible to inflation

Tue, 28 Apr 2026 15:21:34 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Why is it that the relatively high inflation of recent years seems to have had little impact on economic growth, particularly in the US? Part of the explanation may well lie in the K-shaped economy. According to recent analyses, the top 10% of earners account for around half of all spending in this economy.

Ronald Verhagen (AF Advisors): A meltdown in private credit – is this time different?

Tue, 28 Apr 2026 11:42:32 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Ronald Verhagen, Director of Investment Consultancy at AF Advisors

Tensions in the private credit market are mounting. With defaults on the rise and liquidity under pressure, comparisons with 2008 are inevitable. But that parallel is too simplistic. Whilst the risks are real, the current situation points more to a necessary correction in a rapidly expanding, illiquid market than to a systemic crisis

Dick Kamp: The Wtp requires a more differentiated and transparent approach to risk management

Tue, 28 Apr 2026 06:04:11 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Dick Kamp, Director of Pensions, Investment and Risk, Milliman Pensions

The introduction of the Wtp compels pension funds to fundamentally reassess their risk management framework. In a two-part series, I examine the impact of the Wtp on risk management and governance. In this first part, I outline the contextual shift brought about by the Wtp, the key elements of the risk management framework, and the impact of the new legislation on that framework. I conclude with a discussion of the Own Risk Assessment (ERB) as a central instrument in this new context.

Harry Geels: Three nuances regarding geopolitical insider trading

Wed, 22 Apr 2026 09:29:31 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

It is alleged that, over the past few weeks, $2.2 billion has been speculated on through three ‘perfectly timed’ oil trades by the ‘corrupt clan’ surrounding President Donald Trump. This kind of insider trading is reprehensible and a criminal offence. However, three points must be noted regarding such geopolitical insider trading.

Joeri de Wilde: A flexible global economy, but for whom?

Tue, 21 Apr 2026 10:24:34 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Joeri de Wilde, Senior Economist at Triodos Investment Management

In the most likely scenarios, the war against Iran will amount to little more than a bump in the road for the global economy. But whilst growth appears to remain steady, this new crisis is causing further erosion beneath the surface.

Gerd-Jan van Wiggen: From private credit to public crisis

Tue, 21 Apr 2026 12:38:56 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Gerd-Jan van Wiggen, Partner at Probability & Partners

After years of strong returns and high expectations, we have seen turmoil emerge in the private credit markets in recent months. Since the bankruptcies of First Brands and Tricolor last year, there has been a significant increase in focus on the quality of private credit exposures. There is concern that standards for credit approval and monitoring are too low and that, as a result, private credit portfolios may contain many loans on which repayments are either non-existent or limited.

CFA Society Netherlands: Engaging HNWIs and family offices for impact

Thu, 16 Apr 2026 10:01:03 +0200

_{Column from CFA Society Netherlands}

Impact investing is no longer the domain of institutions alone. High net-worth individuals and family offices now hold a pivotal position in shaping how capital can pursue both financial returns and societal change.

By Dr. Amir Moradi, Lead Researcher at International School of Business of HAN University of Applied Sciences, Member Responsible Investing Committee CFA Society Netherlands