BVI:10% of retail fund assets held by white label funds

German Investment funds raised €56.3bn net from the beginning of January to the end of July 2018, as reported by German Investment Funds Association (BVI). Of this volume, open-ended Spezialfonds accounted for €43.8bn, open-ended retail funds accounted for €12.2bn and closed-ended funds accounted for €0.3bn. In July alone, funds saw inflows to the tune of approximately €6bn. Investors withdrew €11.4bn from discretionary mandates since the beginning of the year. The fund industry manages assets totalling €3.1trn.

At €14.9bn, balanced funds topped the sales chart for open-ended retail funds. Of these inflows, €10.2bn went to fund products that invest world-wide in equal parts in equities and bonds. Property funds attracted €3.1bn in fresh capital. Equity funds recorded inflows in the amount of €1.7bn. Bond funds registered outflows to the tune of €3.6bn net, with this development having been brought about primarily by products with a focus on corporate bonds and euro-denominated short-term bonds totalling €3bn.

Almost 10% of retail fund assets, i.e. €98bn, are contributed by initiators that are neither part of the relevant fund company’s corporate group nor originate from any of the large insurance companies or credit institutions. 77% of the assets of these white label funds are attributable to German asset managers, who are generally also involved in the investment decision-making process, either in the capacity of advisers or external portfolio managers.

Funds representing assets to the tune of €15bn were incepted by private banks or church banks as initiators. Most of the foreign asset managers, who administer assets in the order of €6bn, are from Switzerland.

Ridhima Sharma
Ridhima Sharma speaks German and is DACH Correspondent for InvestmentEurope. She has more than 8 years of experience in the media industry. Before joining us, she was working in India and covering automotive and lifestyle sectors. Over the years many of her stories have been published in various magazines across India.

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