Overzicht columns

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

Han Dieperink: An oil shock does not necessarily lead to inflation

Tue, 14 Apr 2026 15:23:32 +0200

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

By Han Dieperink, written in a personal capacity

There is a strong likelihood that the oil shock resulting from the war in Iran will ultimately have a deflationary effect. That may seem strange. Surely a sharp rise in oil prices leads to higher inflation?

Harry Geels: How do we dismantle the polarisation industry?

Tue, 14 Apr 2026 15:24:32 +0200

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

By Harry Geels

Polarisation is often seen as an ideological problem. But for some, it is also a business model that thrives on a lack of personal depth.

Ortec Finance: The missing middle in portfolio design

Tue, 14 Apr 2026 08:59:14 +0200

By Abdel Brahim, Director, Pension Risk, EMEA and US, Ortec Finance

A practical middle ground between SAA and TPA helps asset owners make better whole-fund decisions without requiring immediate structural change.

NVP: Growing steadily in a turbulent world

Tue, 14 Apr 2026 11:20:43 +0200

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

By Felix Zwart, Director of Research, Dutch Association of Private Equity Firms (NVP)

Last week saw the publication of the annual Dutch Private Equity Report by Forvis Mazars. The report paints a picture of a private equity sector that, in uncertain times, is consciously choosing to focus on what it can control.

Harry Geels: Market power of the ultra-wealthy is part of the stability issue

Wed, 08 Apr 2026 08:35:21 +0200

By Harry Geels

The Wall Street Journal (WSJ) recently published an article about a growing group of wealthy individuals in the US who are responsible for the lion’s share of economic growth. Four interesting conclusions can be drawn from this.

Bob Homan: Turmoil on stock market does not necessarily mean more action

Tue, 07 Apr 2026 08:04:54 +0200

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

By Bob Homan, Head of ING Investment Office

In times of constant news about war, volatility and other calamities, ‘doing nothing’ almost seems like an act of courage. But sometimes that is exactly what is needed.

Han Dieperink: The SFDR is dead, long live the SFDR!

Thu, 02 Apr 2026 06:01:57 +0200

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

The European Commission is working on a successor to the SFDR. In doing so, Brussels implicitly acknowledges that the current sustainability rules for investors are not working.

By Han Dieperink, written in a personal capacity

Harry Geels: Five fallacies held by supporters of a high inheritance tax

Thu, 02 Apr 2026 10:04:25 +0200

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

By Harry Geels

In virtually all Western countries, the debate over inheritance tax – with grand talk of ‘fairness’ and ‘equal opportunities’ – is flaring up once again. This is remarkable, as for decades inheritance tax had been relegated to the political sidelines due to its unpopularity among voters. But anyone who examines the current debates will see that many of the arguments are based on fallacies.

EDHEC: Do private equities track public markets (and when)?

Tue, 31 Mar 2026 08:02:15 +0200

By Evan Clark, Senior Private Market Analyst, EDHEC Infrastructure & Private Assets Research Institute

Higher frequency private equities data provides a dynamic view of the private equities market. With monthly pricing at the asset level, one has a current view on how market participants are pricing risk in the market. Alongside more reasonable volatility assumptions, this can be used to form longer-term expected return assumptions. For correlations, a longer-term perspective may be more appropriate given that there is an interaction among various asset classes.

Pim Rank: Farewell to the bearer share

Mon, 30 Mar 2026 06:01:19 +0200

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

Since 1 January 2026, individual bearer shares in a public limited company have been a thing of the past. Individual bearer shares that were not surrendered to the company on that date have since become nothing more than (in principle worthless) pieces of printed paper.

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

Harry Geels: Why my earlier warnings about inflation and energy policy still hold true

Wed, 25 Mar 2026 08:37:42 +0100

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

3.5 years ago, I wrote a column about the three main causes of the relatively high inflation in the Netherlands: high energy taxes, a disproportionate reliance on natural gas, and the weak euro, which makes energy imports expensive. We haven’t made any progress. Unfortunately, my proposal to fully reopen the Groningen gas field was also ignored.

By Harry Geels

Pim Poppe en Erik Kooistra: AFM Good Practice on model risk management deserves attention

Tue, 24 Mar 2026 14:44:28 +0100

By Pim Poppe (Managing Partner) & Erik Kooistra (Service Line Lead Modelvalidatie), Probability & Partners

Not every publication that deserves attention actually receives it. The AFM’s Good Practice on model risk management for asset managers is a clear example. The document was released publicly in November 2025, yet it has attracted little attention in the press or in our day‑to‑day work. Most likely, many were preoccupied with year‑end priorities — a good reason to revisit the AFM’s perspective on model risk management for asset managers.

Dick Kamp: Why no pension fund can operate responsibly without scenario analyses

Tue, 24 Mar 2026 07:04:40 +0100

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

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

Scenario analyses are an indispensable and structural steering instrument for pension fund boards under the Wtp, as they enable insight, agility, and accountability in achieving the pension ambition within the agreed risk budget.

Harry Geels: A case for an inflation index

Wed, 18 Mar 2026 08:50:00 +0100

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

Inflation is normally measured in percentages, but it makes more sense to track it using an index, just as we do with stock market indices. An index provides a much clearer picture of the long-term effects of inflation, avoids interpretation issues and yields more interesting insights.

By Harry Geels

Han Dieperink: The illusion of inflation

Tue, 17 Mar 2026 12:23:18 +0100

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

Official inflation figures measure what is becoming more expensive, but fail to take into account what is improving. Anyone who takes an honest look at the long history of prosperity will see not net inflation, but net deflation: for the same amount of money, or even less, people are getting more and more. This insight is almost entirely absent from the public debate.

By Han Dieperink, written in a personal capacity

AF Advisors: How do institutional investors’ portfolios differ?

Tue, 17 Mar 2026 11:17:34 +0100

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

Many Dutch people invest. If not through their own investment account, then as part of a mortgage, an insurance policy or a pension scheme. Yet few invest for the sheer pleasure of it. Those who speak passionately about their returns are more likely to be speculating, with a bit of luck, than actually investing.

By Jasper Haak, Managing Partner, AF Advisors

Joeri de Wilde: Wealthy Dutch people are hijacking the ‘middle class’ label

Tue, 17 Mar 2026 11:17:55 +0100

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

A strikingly large proportion of the wealthiest 20% in the Netherlands consider themselves to be middle class. Because this group is relatively vocal in the public debate, their interests are increasingly equated with those of the middle class, including by the middle class itself.

By Joeri de Wilde, Senior Economist at Triodos Investment Management