The asset manager is observing strong growth in the Dutch market for structured products.

2025 was a good year for Wilgenhaege, with plenty of opportunities.

Our volumes are increasing; a combination of our strong track record, but naturally also the specific characteristics of the products - Albert den Haan

The asset manager distributed seven Athena autocalls in the Netherlands, while four of its structures expired early, delivering an average annualised return of 19.7%.

Depending on market conditions, the company’s autocalls linked to either one or two stocks – mostly Dutch names – with maturities fixed at a maximum of five-years.

The autocall products currently remain at number one, according to Albert den Haan (pictured), senior account manager at Wilgenhaege.

“Autocallable investment products are particularly popular when the net return outlook can yield double-digit percentages,” Den Haan told SRP.

Two of its highlight for 2025 were ASR-Euronext 20.5% and Double Dutch 21%  – both Athena autocalls issued on the paper of Société Générale. The former expired after one year – at its first opportunity – generating a net return of 19.78%, while Double Dutch 21%, which offered access to the shares of ASML and NN Group, provided a net return of 77.54% after three years.

Over the years, Wilgenhaege has collaborated with a variety of investment banks, including BNP Paribas, Société Générale and Morgan Stanley, with fellow Dutch provider Van Lanschot Kempen the preferred partner for five of its most recent products.

“For every product, we follow the same procedure,” said Den Haan. “First, the selection of the underlying asset—that is, a list of shares we currently endorse based on various criteria.”

Next up, inquiries are made with several European and American banks regarding what they can offer.

“Essentially, a beauty contest between the different banks […] ultimately, we do take concentration risk into account; in other words, avoiding running too many products through the same bank,” Den Haan said.

Den Haan is observing robust growth in the Dutch market for structured products.

“Our volumes are increasing; a combination of our strong track record, but naturally also the specific characteristics of the products, where the prospect of a relatively high return can be combined with a certain degree of protection.

“We see that in this market—the sharp rise in the stock market at the beginning of the year, and the increased tension in the Middle East over the past month—calls for more conservative investments,” he said.

In response, Wilgenhaege introduced Triple Dutch Cash Flow 15%, a three-year Phoenix on the shares of Adyen, NN Group and Euronext, which was launched in partnership with Van Lanschot Kempen.

The product aims to generate semi-annual cash flow “with a reasonable degree of certainty” by setting the coupon barrier at 70% and adding a memory.

“The placement of this product in mid-February was a great success,” said Den Haan who added that the company is currently preparing for the next Triple Dutch with a similar structure, but with different underlying shares.

“For 2026, we aim to launch investment products when we fully support them and believe we can place a truly attractive and promising product. This is how we have always approached it, and this is how we will continue to do so; we never launch a product just for the sake of launching it,” Den Haan concluded.

Wilgenhaege has won the award for 'Best Performance, The Netherlands' at this year's SRP Europe awards. Click the link to view the full list of winners.

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