APG raises bonuses despite below benchmark returns
Dutch pension asset manager APG paid its staff €51.7m ($60.7m) in bonuses last year, an increase of more than €3m from 2021, despite a below-benchmark return of -18%. The company said the rise was due to an increase in payroll, resulting in more employees eligible for bonuses on top of their fixed pay.
Dutch pension asset manager APG paid its staff €51.7m ($60.7m) in bonuses last year, an increase of more than €3m from 2021, despite a below-benchmark return of -18%. The company said the rise was due to an increase in payroll, resulting in more employees eligible for bonuses on top of their fixed pay.
Of the total, €45.4m was paid to the 276 employees of APG’s foreign offices in New York, Hong Kong and Singapore. In 2022, 15 employees received total remuneration of more than €1m, three more than the previous year, all of them working abroad. Most of the big earners work in the private equity department of APG’s New York office. APG made a loss of -1.2% on its private equity investments in 2022, but staff still pocketed hefty bonuses.
The number of APG employees rose to 3,405 last year, and administration costs increased to €95 per participant due to the pension transition from defined benefit to defined contribution. APG is still looking to hire 60-80 additional staff. The company made a €48.9m profit on revenues of €962m, less than the €78m profit achieved in 2021.
