The ASN-Novib Microcredit Fund [EUR 54.07 -0.02%] [1], which is managed by the Algemene Spaarbank voor Nederland (ASN Bank), a Dutch bank, and Oxfam Novib, the Dutch branch of UK-based NGO Oxfam International, recently went public on Euronext, a stock exchange in the Dutch city of Amsterdam [2][3].
The fund was established on June 14, 1996, by its managers to offer credit to small entrepreneurs via investments in microfinance institutions [4] [5] [6]. The group running the fund includes Actiam, an asset management subsidiary of Dutch insurer Vivat Verzekeringen, and Triple Jump, a Dutch fund advisor specializing in investments in developing countries. The listing allows customers of other banks to invest in the fund, when previously only investors with an ASN Bank investment account were able to invest in it [7][8]. As Ruud Stevens, spokesperson of ASN Bank, stated: “With the quotation we increase the possibility of growing the fund. There is a growing demand for microcredit; we want to realize as much positive social impact as possible [7][8].”
As of December 16, the fund has EUR 237 million (USD 257 million) in total assets and has invested in close to 100 microfinance institutions in 30 countries [1][7].
About Algemene Spaarbank voor Nederland (ASN Bank)
Algemene Spaarbank voor Nederland (ASN Bank) is a Netherlands-based bank founded by the Federation of Dutch Labor unions and Dutch insurance company Central on May 1, 1960. As of December 2015, the bank manages the following funds: ASN Sustainable Stock Fund, ASN Sustainable Mixed Fund, ASN Environment & Water Fund, ASN Sustainable Small & Midcap Fund, ASN Green Project Fund and ASN-Novib Microcredit Fund [10]. As of 2014, ASN Bank manages EUR 13 billion (USD 14 billion) in total assets, including EUR 11 billion (USD 12 billion) in commercial deposits and loans and EUR 2 billion (USD 3 billion) in the aforementioned investment funds [9].
About Oxfam Novib
Oxfam Novib is a Dutch nonprofit development organization that aims to ensure that poor people have access to basic rights via poverty alleviation and emergency aid. It was founded as the Netherlands Organisation for International Assistance (Novib in Dutch) in 1956, and in 1994 it changed its name to Oxfam Novib upon joining Oxfam International, a UK-based confederation of 14 development agencies. In 2014, Oxfam Novib’s total budget was EUR 171 million (USD million 187), 18.1% of the Oxfam Confederation [10].
About the Oxfam Novib Fund
The Oxfam Novib Fund was established in 1998 by Oxfam Novib, the Dutch arm of UK-Based NGO Oxfam International, with the goal of investing in new financial intermediaries in Africa and Asia. As of 2014, the fund reported total assets of EUR 37 million (USD 39 million) and EUR 30 million (USD 32 million) invested capital divided over 75 portfolio companies.
About Actiam N.V.
Actiam N.V. is a Netherlands-based fund and asset manager that is a subsidiary of Vivat Verzekeringen (former REAAL N.V.), a Dutch insurance company, providing “sustainable” performance, service and advice. In 2013, Actiam launched the Actiam-FMO SME Finance Fund with Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank. Actiam Impact Investment is an arm of Actiam charged with servicing investors in the Actiam-FMO SME Finance Fund as well as ensuring the Fund’s responsibility and impact performance. As of 2015, Actiam reported total assets of EUR 50 billion (USD 53 billion) [11].
About Triple Jump
Triple Jump was founded in 2006 to support the expansion of microfinance institutions (MFIs) through the provision of capital and advisory services. Triple Jump was established by the Nots Foundation, a Dutch development organization; Oxfam Novib, a Dutch organization for international cooperation and development that is affiliated with UK-based NGO Oxfam International and Algemene Spaarbank voor Nederland (ASN Bank), a “sustainability-driven” Dutch bank. Its shares are divided among these organizations and Triple Jump’s management team. Triple Jump is comprised of Triple Jump Fund Management (TJFM) and Triple Jump Advisory Services (TJAS). TJFM provides its clients with four investment options: hard and local currency loans, equity, guarantees and subordinated loans. TJAS is an independent foundation that provides consulting services and technical assistance to smaller MFIs. Triple Jump manages five microfinance investment funds, with assets approximately equivalent to EUR 497 million (USD 545 million) as of December 25, 2015. Its investments span 163 portfolio companies in 52 emerging markets in Latin America, Eastern Europe, Africa and Asia [12].
By Kevin van den Brink, Research Associate
Sources and additional resources:
[1] Morningstar: “Snapshot Oxfam-Novib Microcredit Fund”
[2] ASN Bank: “Over de ASN Bank”
[3] Oxfam Novib: “Over Oxfam Novib”
[4] Actiam: “ASN-Novib Microkredietfonds essentiele beleggersinformatie”
[5] MixMarket: Supply Profile Microcredit Investments
[6] Huib Koel: “Beleggen in microkrediet nu ook via de beurs”
[7] ASN Bank: “Beleggingsfondsen: ASN-Novib Microkredietfonds”
MicroCapital Universe Profile: ASN-Novib Microcredit Fund
MicroCapital Universe Profile: ASN Bank
MicroCapital Universe Profile: Oxfam Novib
MicroCapital Universe Profile: Actiam
MicroCapital Universe Profile: Triple Jump
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