Business overview  Overview of Aegon Asset Management  84 In the United States, fixed income, asset allocation and real  estate loans are the focus. In the wholesale market, Aegon Asset  Management collaborates as a subadvisor with its insurance  company affiliates to produce competitive products. It also works  with consultants and other partners to offer products to third  party institutions.  In the Netherlands, Aegon Asset Management provides a wide  range of investment solutions to retail and institutional clients  through its affiliate insurance company. In the third party  institutional market, it competes with both fiduciary and balance  sheet managers, and global asset managers with an asset-only  proposition. Competition continues to be strong in the pension  fund industry due to the ongoing consolidation of pension funds  and growing service requirements of pension fund clients. In the United Kingdom, competition in the third party wholesale  market is heavily influenced by the effect on distribution of  new regulation changes. Kames Capital has received strong net  inflows to its flagship fixed income and equity products.  Aegon Asset Management’s global holding company, Aegon  Asset Management Holding B.V., is regulated by DNB (the Dutch  central bank) as a financial holding company according to the  Dutch Act on Financial Supervision. In Europe, regulation for  asset management companies is different from that for insurers  as it is based on separate European Union directives. Aegon  Asset Management’s underlying operating entities are regulated  by their local regulators, including the AFM (Autoriteit Financiële  Markten) and DNB for Dutch entities, the FCA (Financial Conduct  Authority) for United Kingdom based entities, the SEC (Securities  & Exchange Commission) for United States based entities,  and the CSRS (Chinese Securities Regulatory Commission) for  Chinese based entities. Regulation and supervision Annual Report 2013