Institutional Fund Forum International, Amsterdam
23 February 2009
Spotlight On Germany: Strategies For Ongoing Manager Research &
Monitoring: Establishing A Consistent Entry & Exit Strategy
For Incumbent Managers
Spotlight On Germany: What Is The Significance Of
Domestic And Foreign Fund Boutiques?
Observations On Market Entry And Manager Selection
• Market overview: Boutiques & Private Label Funds
• Target client behaviour and manager selection procedures
• Marketing Distribution - Myths and Reality
Endowments And Asset Management in Germany - Panel In FrankfurtMarkus Hill
Open discussion: Endowments And Asset Management in Germany - input, ideas and suggestions are always welcome! Panel discussion (participants are foundation representatives and Markus Hill, moderated by the leading magazine DIE STIFTUNG in Germany) on topic "Foundations and Asset Management in Germany" (interest rates, assets, creative solutions for endowments to survive), Germany on 3 July 2013 On establishing many foundations in Germany banks are advising it. Currently they are facing great problems in identifying attractive investment opportunities in the low interest rate. It is interesting to acquire information how foundations from foreign countries deal with this crisis, since the purpose of the foundation must be a secure long term guarantee. The following questions could be an example to stress the points on a panel with a professional commentary: 1) Currently which investment alternatives are there for foundations ?
2) What role do banks abroad play concerning foundations? 3) What is the values of an external consultants for foundations? 4) What role can independent asset managers play? 5) Does foreign foundations conduct professionally than the German foreign foundations in asset management? 6) What creative possibilities are there in fundraising in the long term to fulfill the purpose of the foundation? 7 Is international know-how networks functioning (exchange of ideas) in which small and medium-sized foundations can also benefit? Many of the questions asked above is familiar to me in German speaking Europe. Nonetheless it is stimulating to know how German foundations can improve their angle from foreign foundations.
Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
Endowments And Asset Management in Germany - Panel In FrankfurtMarkus Hill
Open discussion: Endowments And Asset Management in Germany - input, ideas and suggestions are always welcome! Panel discussion (participants are foundation representatives and Markus Hill, moderated by the leading magazine DIE STIFTUNG in Germany) on topic "Foundations and Asset Management in Germany" (interest rates, assets, creative solutions for endowments to survive), Germany on 3 July 2013 On establishing many foundations in Germany banks are advising it. Currently they are facing great problems in identifying attractive investment opportunities in the low interest rate. It is interesting to acquire information how foundations from foreign countries deal with this crisis, since the purpose of the foundation must be a secure long term guarantee. The following questions could be an example to stress the points on a panel with a professional commentary: 1) Currently which investment alternatives are there for foundations ?
2) What role do banks abroad play concerning foundations? 3) What is the values of an external consultants for foundations? 4) What role can independent asset managers play? 5) Does foreign foundations conduct professionally than the German foreign foundations in asset management? 6) What creative possibilities are there in fundraising in the long term to fulfill the purpose of the foundation? 7 Is international know-how networks functioning (exchange of ideas) in which small and medium-sized foundations can also benefit? Many of the questions asked above is familiar to me in German speaking Europe. Nonetheless it is stimulating to know how German foundations can improve their angle from foreign foundations.
Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
Startup Camp Berlin 2016 - Fundraising Campbuilding10
Fundraising, a focus camp within Startup Camp Berlin 2016, curated by Daniel Höpfner
Everything you need to know for bootstrapping your startup, finding investors and raising funds.
Markus Hill (MSc in Economics) is an independent asset management consultant based in Frankfurt, Germany Professional experience includes SEB Bank and Credit Suisse Asset Management. In addition, he worked as head of sales and PR for a German fund boutique. Since 2005 he specialized in the management of mandates, sales, marketing, and PR (consulting, "introducing"). Markus is also involved in selecting themes in the specialist areas of target funds with a multi-management aspect, fund boutiques and mutual funds for institutional investors (product scouting, fund selection). Furthermore he is actively engaged in cooperation with the market-leading Private Label Funds/Master KAG in Germany (Universal-Investment) promoting the idea of independent asset management and was the Co-Initiator of the first all-German Consultant survey in 2005 and the first "UCITS-survey" in 2003. Market entry into Germany, behavior of fund selectors and fund providers in German asset management industry are often discussed by him, e.g. in his asset-management-publication MH-Focus. Through many articles, columns and presentations (national and international) he has become a highly recognized expert in the German asset management industry. "Industry multiplier" is a term often used by journalists and clients to describe his style and personality. (Markus Hill/ MH Services assigned in the role of Media Partner for: UCITS Alternatives Conference in Zürich, September 2011)
mHealth Israel_German Venture Capital Landscape_Klaus Stockemann, Board Membe...Levi Shapiro
Background information about the German Venture Capital industry, including Private Equity. Presentation by Klaus Stockemann, PhD, Managing Partner of Peppermint Ventures in Berlin, for mHealth Israel. Klaus is a Board Member of Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – the German Private Equity and Venture Capital Association (BVK). The BVK has 186 full members (private equity firms)
and 100 associate members (lawyers, banks, advisors, investors) across Germany.
A Frontline Ventures x Point Nine Capital collaboration.
It is no surprise that Germany dominates much of the conversation around European tech — the growth of the startup and venture capital ecosystem has surpassed even the most optimistic of expectations.
As an early-stage software fund in London/Dublin with a pan-European investment view, we are seeing exciting young companies emerging from all over Germany. They are following in the footsteps of already successful global companies like Rocket Internet, Soundcloud, and Auctionata.
Germany’s tech transformation is startling, and seems to only be just beginning. Learn more about:
- funding options for German startups
- notable players in the VC and startup ecosystem
- challenges that lay ahead for German tech
- future opportunities & existing winners
- typical terms offered to startups
- successful exits in Germany so far
Role of Investment Banks in the Financial Crisis of 2008Mujtaba Zeeshan
This presentation explains how the investment banks played a vital role in the occurrence of the global financial crisis of 2008.
There's a brief discussion on Investment banks in general including their functions. Then briefly explaining the crisis in a manner that students can easily remember. And finally to support our claim, a research paper is used as a reference.
Biotech Entrepreneurship and Leadership Lectures is a bi-weekly interactive lecture series of Heidelberg University in cooperation with BioMed X Innovation Center, where successful biotech entrepreneurs and business leaders share their experiences and lessons learned with students and early-career scientists. Specific entrepreneurship and leadership topics that will be addressed in detail include innovation & intellectual property, development of medicinal products & medical devices, regulatory affairs, business administration, human resources management, marketing & sales, public funding, and venture capital.
Frankfurt 2018: Auftakt LEBENSWEGE ERKUNDENMarkus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: LEBENSWEGE ERKUNDEN
Auftakt - Lebenswege erkunden - Frankfurt 2018Markus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: Lebenswege Erkunden
Startup Camp Berlin 2016 - Fundraising Campbuilding10
Fundraising, a focus camp within Startup Camp Berlin 2016, curated by Daniel Höpfner
Everything you need to know for bootstrapping your startup, finding investors and raising funds.
Markus Hill (MSc in Economics) is an independent asset management consultant based in Frankfurt, Germany Professional experience includes SEB Bank and Credit Suisse Asset Management. In addition, he worked as head of sales and PR for a German fund boutique. Since 2005 he specialized in the management of mandates, sales, marketing, and PR (consulting, "introducing"). Markus is also involved in selecting themes in the specialist areas of target funds with a multi-management aspect, fund boutiques and mutual funds for institutional investors (product scouting, fund selection). Furthermore he is actively engaged in cooperation with the market-leading Private Label Funds/Master KAG in Germany (Universal-Investment) promoting the idea of independent asset management and was the Co-Initiator of the first all-German Consultant survey in 2005 and the first "UCITS-survey" in 2003. Market entry into Germany, behavior of fund selectors and fund providers in German asset management industry are often discussed by him, e.g. in his asset-management-publication MH-Focus. Through many articles, columns and presentations (national and international) he has become a highly recognized expert in the German asset management industry. "Industry multiplier" is a term often used by journalists and clients to describe his style and personality. (Markus Hill/ MH Services assigned in the role of Media Partner for: UCITS Alternatives Conference in Zürich, September 2011)
mHealth Israel_German Venture Capital Landscape_Klaus Stockemann, Board Membe...Levi Shapiro
Background information about the German Venture Capital industry, including Private Equity. Presentation by Klaus Stockemann, PhD, Managing Partner of Peppermint Ventures in Berlin, for mHealth Israel. Klaus is a Board Member of Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – the German Private Equity and Venture Capital Association (BVK). The BVK has 186 full members (private equity firms)
and 100 associate members (lawyers, banks, advisors, investors) across Germany.
A Frontline Ventures x Point Nine Capital collaboration.
It is no surprise that Germany dominates much of the conversation around European tech — the growth of the startup and venture capital ecosystem has surpassed even the most optimistic of expectations.
As an early-stage software fund in London/Dublin with a pan-European investment view, we are seeing exciting young companies emerging from all over Germany. They are following in the footsteps of already successful global companies like Rocket Internet, Soundcloud, and Auctionata.
Germany’s tech transformation is startling, and seems to only be just beginning. Learn more about:
- funding options for German startups
- notable players in the VC and startup ecosystem
- challenges that lay ahead for German tech
- future opportunities & existing winners
- typical terms offered to startups
- successful exits in Germany so far
Role of Investment Banks in the Financial Crisis of 2008Mujtaba Zeeshan
This presentation explains how the investment banks played a vital role in the occurrence of the global financial crisis of 2008.
There's a brief discussion on Investment banks in general including their functions. Then briefly explaining the crisis in a manner that students can easily remember. And finally to support our claim, a research paper is used as a reference.
Biotech Entrepreneurship and Leadership Lectures is a bi-weekly interactive lecture series of Heidelberg University in cooperation with BioMed X Innovation Center, where successful biotech entrepreneurs and business leaders share their experiences and lessons learned with students and early-career scientists. Specific entrepreneurship and leadership topics that will be addressed in detail include innovation & intellectual property, development of medicinal products & medical devices, regulatory affairs, business administration, human resources management, marketing & sales, public funding, and venture capital.
Frankfurt 2018: Auftakt LEBENSWEGE ERKUNDENMarkus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: LEBENSWEGE ERKUNDEN
Auftakt - Lebenswege erkunden - Frankfurt 2018Markus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: Lebenswege Erkunden
Frankfurter Dialog für Family Offices und Vermögensverwalter (Präsentation)Markus Hill
„Die Aufsicht sieht solche Advisory-Lösungen kritisch und prüft im Einzelfall sehr genau“ ( Interview - Dr. C. Gringel und K. Weinand-Härer, HEUKING KÜHN LÜER WOJTEK, 30.10.14)
Family Offices, Vermögensverwalter und Stiftungen beobachten derzeit verstärkt die Chancen und Risiken, die sich aufgrund der Einführung des KAGB in Bereichen wie Fondsauflage, Club Deals und Besteuerung ergeben. Um bei Investments die Vorteile von professionellen Netzwerken effizient nutzen zu können, ist Rechtssicherheit gefragt. Markus Hill sprach für IPE Institutional Investment mit den Partnern Dr. Christoph Gringel und Klaus Weinand-Härer von der Wirtschaftskanzlei HEUKING KÜHN LÜER WOJTEK über den gegenwärtigen Stand der Diskussion.
Dr. Christoph Gringel (oben) und Klaus Weinand-Härer
Hill: Regulierung ist oft kein Lieblingsthema für Akteure in der Asset Management-Industrie. Die ersten Wellen haben sich gelegt in der Finanzindustrie. Die neue Welt des KAGB ist Realität geworden. Was bedeutet dies für Family Offices und Vermögensverwalter?
Gringel: Beide Gruppen mussten durch die Einführung des KAGB überprüfen, ob Sie auch für das neue regulatorische Umfeld passend aufgestellt sind. So sehen wir bei unabhängigen Vermögensverwaltern seit der Einführung des KAGB die Tendenz, lieber als Anlageberater für einen Fonds zu agieren anstatt als dessen Portfoliomanager. Denn im Zusammenhang mit dem Portfoliomanagement von Fonds sind durch das KAGB weitere Pflichten hinzugekommen, die von den Kapitalverwaltungsgesellschaften auf den Portfoliomanager übertragen werden. Allerdings sieht die Aufsicht solche Advisory-Lösungen kritisch und prüft im Einzelfall auch sehr genau, ob nicht die Grenze zum Portfoliomanagement überschritten wird.
Weinand-Härer: Für Family Offices ging es dahingegen um die Frage, ob einzelne Tätigkeiten künftig in den Anwendungsbereich des KAGB fallen und wie man darauf reagiert. Da sind die verschiedenen Family Offices je nach Tätigkeitsfeld zu ganz unterschiedlichen Ergebnissen und Konsequenzen gekommen. Dies kann bis zum Aufsetzen einer eigenen Kapitalverwaltungsgesellschaft gehen. Für die Family Offices gibt es diesbezüglich sicherlich keinen Ansatz der für alle Family Offices passt.
Hill: Die Themen Know-how, Netzwerke und Club Deals werden intensiv bei Family Offices und Stiftungen diskutiert. Durch die Konzeption und Durchführung von Club Deals ergeben sich große Chancen für Family Offices, Stiftungen und andere Marktteilnehmer. Gibt es auch Risiken, auf die die Beteiligten vor dem Hintergrund vom KAGB achten sollten?
Gringel: Grundsätzlich ist auch bei einem Club-Deal immer zu prüfen, ob nicht das KAGB Anwendung findet, denn eine generelle Ausnahme für Club-Deals sieht das KAGB gerade nicht vor. Allerdings können Club-Deals so strukturiert werden, dass eine Anwendbarkeit des KAGB vermieden wird. Jedoch muss die gewählte Struktur für den Einzelfall passen und auch entspreche
Aspekte der Stiftungseignung eines Vermögensverwalters (BVI-Seminar)Markus Hill
Vermögensverwalter, Banken, Family Offices - Dienstleister, die von Stiftungen gerne in Anspruch genommen werden. Was können mögliche Kriterien für die Auswahl eines Vermögensverwalters sein? Wo ergänzen sich VV, FO und Stiftung? Warum sind die Faktoren Knowhow, Netzwerk und Vertrauen gerade bei unabhängigen Dienstleistern von grosser Bedeutung?
Aspekte: Auswahl von Vermögensverwaltern
- Stiftungen und Vermögensverwalter („Asset Manager“)
- Quantitative Faktoren bei Vermögensverwalterauswahl
- Qualitative Faktoren bei Vermögensverwalterauswahl
- Vertrauen und andere „sachfremde“ Selektionskriterien
- Added Value
- Vermögensverwalter - Fondsboutiquen
- Produkte von Vermögensverwaltern
- Dienstleistungen von Vermögensverwaltern
- Rolle von Kapitalverwaltungsgesellschaften
- Bedeutung von Wissensmanagement / Netzwerken
- Family Offices – Stiftungs-Offices
- „Stolpersteine“ bei Vermögensverwalterauswahl
- Ausblick
- Anhang: Kurzinfo (Kommentare „Stiftungen“ etc.)
- Zusatzinfo zum Themenkreis: Quo vadis Family Office: Was die weltweit führenden Multi-Family Offices Ihren Kunden versprechen (Prof. Dr. Carolin Decker, Vortrag, FINANZPLANER FORUM, 27.9.2014) – Vortrag erhältlich per Mail: carolin.decker@uni-bremen.de
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
1. Spotlight On Germany: What Is The
Significance Of Domestic And Foreign Fund
Boutiques?
Observations On Market Entry And Manager
Selection
(Institutional Fund Forum International,
Amsterdam, 23 February 2009)
Markus Hill
2. • Market overview: Boutiques & Private
Label Funds
• Target client behaviour and manager
selection procedures
• Marketing / Distribution – Myths and
Reality
• Entering the market: Are there any secrets
to success in the German market?
2 Markus Hill
4. Definition: Private Label Funds
• Mutual funds being launched by an investment company in
cooperation with an external partner are called „Private Label
Funds (PLF)“.
• As a general rule the name of such a fund beside the name of
the investment company includes the (corporation´s) name –
the „label“ - of the external partner (e.g. „investment boutique“).
• „Private Label Funds“ are sometimes also called Third- or
White-Label-Funds
Markus Hill
5. Funds in Germany I
More than 5,900 Mutual Funds with AUM of EUR 700 bn
Strong Fund Growth in Germany Mutual Fund AUM development / trends
(30.06.2005 – 30.06.2008)
o Current AUM in mutual funds: EUR
700 bn
• Between 30.06.2005 and 30.06.2008
AUM in „mutual funds“ (in total)
o „PLF“ as of now account for some
increased from EUR 541 bn to EUR
EUR 40bn thereof according to
703 bn (+ 30 %)
„VuV“- estimates.
o In 2007 and 2008 due to a special • Fund of Funds: AUM grew from EUR
boom fund of funds and mixed 33 bn to EUR 55 bn (+ 62 %)
funds experienced strong growth
• Mixed Funds: AUM increased from
o Actively managed approaches gain EUR 28 bn to EUR 60 bn (+ 114 %)
ground („investment boutique
strength“)
Markus Hill
6. Funds in Germany II
PLF Opportunity: Trend „net flows BVI“
• Trends in „Fund Launches“ from 30.06.2005 – 30.06.2008
(numbers, % increase)
30.06.2005 30.06.2008 %
Mutual Funds (in total) 2833 5927 109
Fund of Funds 393 680 73
Mixed Funds 320 895 180
(including open end real estate funds, source BVI as of 30.06.2008)
Assumption: current stock market environment will slow down growth short
term. It remains to be seen if measures taken by the US government will
succeed. Many actively managed approaches applied by investment boutiques
are under severe scrutiny by the market. The trend towards launching fund of
funds and mixed funds (withholding tax!) will continue (slower rate).
Markus Hill
7. History:
„Driver“ PLF-Market
• Bafin regulations
• UCITS III
• Enhanced opportunities „investment company business models “
• Outsourcing / IT-infrastructure investments
• Market entrance by foreign asset managers
• Discretionary portfolio managers (dpm / „private asset managers“) become
accepted in the market
• Demand: behaviour of target group „insttutional investors“ – mutual funds for
institutional investors (mutual funds as „show case“, instrument of transparency /
reputation)
Markus Hill
8. PLF:
Assumptions about current Market Conditions I
• „proprietary products“ of established investment companies come under
pressure; active client demand also within client segment „Independent
Financial Advisors (IFAs)“
• Increased pressure for providers of multi management approaches (fund of
funds / fund based portfolio management)
• PLF: journalists / media topic (sexy / up-to-date)
• „whip of transparency“ through established rankings / ratings
• Product launch: withholding tax and potential „run on product wrapper fund of
funds“ (assumption: 2010 „death of funds“ due to too many small funds)
• Investment boutiques become „accepted“ by institutional investors
(professionalisation, attractiveness for new target groups: mutual funds for
institutional investors!)
• Professionalisation (fund analysts and „fund manager“ wanted!)
Markus Hill
9. PLF:
Assumptions about current Market Conditions II
• In-house products vs. investment boutiques OR as
„investment boutique shelve“ (PLF launches, „spill-over-effect“)
• Superfunds and „dpm“ approaches (competition of concepts, „hedging“, „130-
30“)
• Cost argument: fee-split regarding allocation of responsabilities (quality, pros
and cons)
• Investment boutiques / PLF: lower market entrance hurdles (production -
pipeline)
• „perpetual“ bottleneck „marketing / sales / pr“ (top-ranking-issue, „initiator-
parsimony-phenomenon“ for marketing expenses esp. true for „dpm“)
• Consultants: increase of interest in concepts
• Impulse for „institutional clients “ by „retail“: no one-way street!
• Foreigners entering the market (Constantia Privatbank, Bankinvest,
Liechtenstein etc.)
Markus Hill
10. Possible Criteria for Investment / Service Company
Selection I
Selection Criteria regarding choice of investment company by the fund
initiator :
• Operational Stability (number of employees / experience / business model)
• Fund administration (master investment company or „investment company-
light“)
• IT-structure (sustainability)
• Know-how (market knowledge)
• Conflict of interest (neutral vs. political business model)
• Client base (know-how „institutional clients“)
Markus Hill
11. Possible Criteria for Investment / Service Company
Selection II
Continued:
• Service (service, reporting and tax concepts)
• Risk-controlling (constructions of funds)
• Market access for initiators (marketing / sales within B2B)
• Location (constructions of funds)
• Security / trust (current market sentiment!)
• Multi management / institutional clients: master investment company, investment
company expertise
conclusion: marketing opportunity - „size, experience, IT“
Initially fund initiators often focus on pricing
Markus Hill
12. PLF:
Providers / Users
Selection (example partner):
• Universal (Acatis / Dr.Leber, Gebser & Partner / Wolfgang Schuhmann,
WMF / Wolfgang Mayr)
• Hauck & Aufhäuser (Trendkonzept, Acatis / Dr. Leber)
• LRI Invest (Bernd Greisinger, Luca Pesarini)
• IP-Concept (DJE, Sauren, Huber, Acatis / Dr. Leber)
• AmpegaGerling (Frank Lingohr, Conrad Mattern)
• LBB-Invest (Frank Lingohr, Keppler)
• Constantia (C-Quadrat-“family of funds“)
• Alceda (Merkur AM)
Markus Hill
13. DPM / „Private Asset Managers“ (Providers &
Users)
Tied DPM: app. 100 Independent DPM: app. 350
Quelle: Verband unabhängiger Vermögensverwalter Deutschland e.V.
unabhä Vermö
Markus Hill 13
14. Boutiques: PLF Initiators (international)
• Boutique with „figurehead“
e.g. Frank Lingohr, Dr. Jens Ehrhardt
• Boutique with specialty knowledge about regions / market segments
e.g. Tiberius, Craton Capital
• Boutique part of a bigger group
e.g. Rosenberg, Mellon (including cooperations etc.)
• Boutique as „asset allocator“ – core competency (Markus Hill)
• dpm approaches, expertise of VuV-members
• „conflict“ or complement to specialisation definition!
Markus Hill
15. Peter E. Huber Winfried Walter
Der antizyklische Der Ertragswert-
Dynamisierer und Bedachte Visionär
Generalist Tobias Klein
Der Fundamentale
Michael Keppler Dr. Hendrik Leber
Der Quantitative Der Rosinen-Picker
auf dem Value-Feld
Example „German fund boutiques“ (fof):
German
Masters Dr. Klaus-Dieter Wild
Manfred Piontke Die Spinne im
Der Stockpicker neuronalen Netz
Elisabeth Weisenhorn
Die Freiheitsliebende
Anko Beldsnijeder
Der Quality-Growth- Heinrich Morgen
Manager Der Trendspezialist
Dr. Jens Ehrhardt
Der Substanz-Bewußte Frank Lingohr
Generalist Der Systematiker
Quelle: Huber Portfolio AG ▪ Oberursel 15 Markus Hill
16. VuV:
PLF Supply / Demand Opportunity in Germany
• About 60 out of 200 VuV*- members manage / advise
„own“ funds:
67 equity funds
(global, Europe, Germany, US, Asia, Emerging Markets,
sector, certificates)
45 mixed funds
16 bond funds
51 fund of funds / „Superfunds“
2 Fund of hedge funds
1 real estate fund
AUM of all VuV-funds: app. € 40 bn
(*association of independent portfolio managers)
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17. Asset-Classes of PLF
Equity Funds Focus on regions, market cap, themes or styles.
Focus on specific regions, markets or durations.
Bond Funds Applying different allocation models.
Mixed Funds Flexible or max. equity allocation possible.
Different risk levels available:
Fund of Funds
Income – Balanced – Growth.
Using traditional money market instruments or
Money Market Funds
derivatives in addition.
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18. PLF: Ratings / Rankings
Examples:
• Feri
• Fondsconsult / Sauren
• Morningstar / Standard & Poor‘s
• Lipper
• Citywire
Assumption: provide transparency within mutual fund universe. Basis
for marketing approaches / differentiating strategies. Offer first
approach to discussions with consultants and investors about products
/ fund advisors that are not „mainstream“. Aggregate fund information
for B2B and B2C target groups.
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19. 4.3 Investment Boutiques:
Product Quality / Awards
Ratings (31.05.2005 – 31.05.2008) Group Total number of rated mangers
• DWS Investment 13
• Universal-Investment 12
• M&G Investments 6
• Allianz Global Investors 5
• Invesco 4
• SEB 4
• JP Morgan 2
source: Citywire, 2008
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20. 4.4 Example „Investment Boutiques“ (general /
global equities)
Perf. 3J Perf. 5J Max. Verl.
Fonds KAG Perf. lfd. J. Perf. 1J Volatilität
(p.a.) (p.a.) 6M
M&G Global Basics A Euro Acc M&G Securities Limited -7,61% -6,99% 10,36% 17,67% 16,73% -14,46%
Astra-Fonds DWS Investment GmbH -11,58% -6,80% 8,72% 14,60% 12,68% -10,02%
FMM-Fonds FRANKFURT-TRUST -10,11% -6,90% 9,04% 13,52% 12,70% -9,96%
DJE - Dividende & Substanz P DJE Investment SA -12,21% -10,79% 7,12% 12,83% 11,47% -10,61%
Carmignac Investissement A Carmignac Gestion SA -12,08% -3,48% 11,68% 12,78% 17,54% -15,16%
M&G International Growth A Euro Acc M&G Securities Limited -9,00% -11,80% 5,16% 12,62% 14,04% -15,80%
GLG Performance D GLG Investments plc -15,22% -9,22% 6,55% 11,96% 14,48% -17,01%
Portfolio Vermögensverwalter (11 VV-Fonds) Diverse* -14,37% -13,04% 7,30% 11,34% 14,37% -16,23%
DWS Top Dividende DWS Investment GmbH -9,63% -7,00% 6,38% 11,24% 12,10% -14,20%
DWS Global Value DWS Investment SA -11,84% -11,56% 3,79% 11,16% 13,19% -16,90%
FIVV-Aktien-Global-Select-UI Universal-Investment- -6,96% -10,39% 8,54% 10,49% 11,74% -16,83%
Vontobel Fund Global Value Eq (ex US) B USD Vontobel Management -19,05% -15,48% 3,69% 10,34% 14,55% -21,15%
StarCap SICAV - Starpoint A - EUR StarCap SICAV -15,69% -16,22% 5,73% 10,08% 14,78% -17,66%
C-Quadrat ARTS Best Momentum EUR C-Quadrat -16,57% -14,35% 5,78% 10,03% 16,46% -16,50%
STARCAP - Priamos A - EUR StarCapital SA -22,15% -27,75% 3,82% 9,96% 16,92% -23,19%
Klassik MegaTrends T Raiffeisen Salzburg I -19,95% -13,43% 8,51% 9,92% 19,12% -24,39%
Carnegie Fund - Worldwide Banque Carnegie LU -16,69% -11,68% 6,50% 9,89% 14,29% -16,76%
M&G Global Leaders A Euro Acc M&G Securities Limited -15,59% -20,09% 3,09% 9,75% 14,82% -22,71%
FvS Portfolio Aktien Global A -R- Oppenheim -7,48% -7,23% 7,28% 9,73% 10,73% -9,95%
Portfolio Flaggschiffe (Uni Gl., Temp. Grwth; DWS
Diverse*
Verm. I) -13,88% -17,06% 0,64% 4,43% 12,58% -20,13%
Source: Feri Euro Rating Services AG
As of: 31.08.2008
Peer: global equities
Sorted by: perf. 5y. (p.a.),
*Diverse: average, funds equally balanced
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21. 2. Target client behaviour and manager
selection procedures
21 Markus Hill
22. PLF:
target groups B2B and B2C
Users of PLF:
• banks (large commercial banks, private banks, cooperative banks,
savings banks)
• Fund of fund managers
• Family Offices
• endowments (institutional, often „semi-professional“ selection process)
• insurances (retail: unit-linked / direct sales)
• DPM / CFP (Certified Financial Planner)
• Pyramid sales organisations (premium partner „product quality)
• Broker Pools / Independent Financial Advisors (IFA)
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23. Distribution Channels for Mutual Funds
Advance for asset management companies and online banks
Distribution Channels for Mutual Funds in Germany
(%, 2006 and 2007, multiple answers are permitted)
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24. PLF for Institutional Investors I
Examples: Endowments / Pension Funds / Insurances / Corporates
• PLF fund advisors are of interest due to their degree of specialisation /
market knowledge „specialisation segment“ / investment style /
performance (!)
• Track record and size are becoming more and more attractive for
investors
• Trend: mutual funds for institutional investors (i-shares / master-
segment-funds)
• Advance: foreign providers tend to be perceived as international
specialists / advisors (Carmignac, Comgest, M & G etc.)
• Market opportunity: boutiques with PLF or individual mandates for
german speaking managers / providers (?) (example: Frank Lingohr,
BB Invest or DJE)
• Critical success factor: risk management / committee decisions
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25. PLF for Institutional Investors II
• Opportunity / „gateway“ for PLF
• Generation of strong net flows
• Net flows are a trigger for semi-institutional investors (fund of fund
managers)
• PLF often important for satellite allocation
• catalyst: IFRS implementation / accounting principles
• Consultants: development of mutual fund expertise though not core
competency
• Possible driver for evolution (side effect): PR for ETFs supports
acceptance of product wrapper mutual fund
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26. PLF:
Consultants - National and International
Examples:
• Feri
• Faros
• Mercer
• Watson Wyatt
• Fondsconsult
Assumption: investment boutiques will be screened, often even rated
(in some cases paid for by the boutique). Important for generating
critical size within institutional arena. Issue: differentiation between
degree of specialisation by domestic and foreign investment boutiques
as well as the decision making process of institutional investors.
Furthermore consultants apply a rigorous risk management .
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27. Target Groups:
Selection Process
• Very often instruments like ratings and rankings will be used as an
initial step.
• Database research is the bottleneck at the first level. Many PLF will be
deselected due to lack of size.
• Many PLF do not focus on distribution. Result: very low sales and
marketing budget; applies to external partners, too. Lack of reputation /
brand awareness with investors. Even paid for ratings are only slowly
accepted as a marketing tool.
• Distribution partners that require greater presence by the product
provider cannot be supported by the single PLF provider.
• Important differentiation for successful distribution: „old bull“ (see „Top-
Ten“ in Germany) or newcomer within the PLF or investment boutique
market.
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28. PLF Argument „Consistency“
• Factors like consistency in fund management / retention of managers
are often critical issues with investors
• Fund advisors of PLF are entrepreneurs / have a share in the success
of the business
• Loyalty to own company often critical for deepening the degree of
specialisation
• Risk of loosing a talented manager much higher with a „payroll“ fund
manager / fund advisor (Morningstar research 2004, trend is
continueing)
• Institutional / semi-institutional investors appreciate this pro-boutiques-
factor when making investment decisions
Markus Hill
29. Trends I
• New entrants: domestic / foreign
(pull and push effect: PLF-industry / manager)
• Withholding tax: „booster“ for fund of fund boutiques
• Competition: trend towards pressure on margins / specialisation
(impact „professional portfolio management “?)
• Improving perfomance (blending effect)
• „pro cyclical fund launches“ will be growing
• Expansion of internal /external fund research / „management“ (hiring
and / or „freelancer“, Feri etc.)
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30. 6.1 Trends II
• Flight to boutiques
(former employee becomes entrepreneurs, e.g. Loys)
• Talent hotel Germany
(Citywire, road shows abroad by investment boutiques)
• Marketing / Sales / PR: services- & boutiques consulting
(Universal-Vertriebs-Service / UVS, LRI Invest etc.)
• Alliances: boutique looks for boutique, boutique „buys“ manager
(„multi boutiques“)
• Pressure on costs
(market entrance by foreign investment companies, e.g. Constantia
KAG)
• Mixed Special Asset Funds / Other Special Assets Funds / UCITS IV
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31. Fund of Funds: Investment Boutique Allocation
(HwV FlexConcept Select)
Nr. KAG Fund WKN S %/NAV
1 CARM Patrimoine A0DPWO MF 6,21%
2 Opp 4Q Blend A0MP9E A 3,05%
3 Fortis L Opportunities USA A0Q6WJ A 3,31%
4 Axxion Squad Value A0B7ZX A 1,92%
5 DJE LuxTopic Aktien Europa 257546 A 5,46%
6 LRI ETHNA Aktiv 764930 MF 3,22%
7 JPM Highbridge Stat. Mk. Nt. A0LHKQ AI 2,18%
9 SG Modulor LSE A0DPKD AI 2,20%
11 SEB Asset Selection A0J4TG AI 2,03%
12 UI Absolute Return Plus A0M80V AI 1,98%
13 UI Athena UI A0Q2SF AI 2,20%
31 Markus Hill
32. 3. Marketing / Distribution – Myths and
Reality
32 Markus Hill
33. Myth „Fund Distribution“
• Standard: Marketing-Mix
• Relationship management also possible
from abroad
• Broad target group („windfall profits“)
• Huge opportunity
• Quick and sustainable success
33 Markus Hill
34. Reality „Fund Distribution“
• element length of time / point in time
• Know how about target group expandable
• Image problem: long term engagement?
• Performance issues
• Distribution channel structure „Germany“
• Quality of sales (qualification / reputation)
34 Markus Hill
35. Foreign Investment Boutiques
• Asset classes / Themes
• Multi management (consultants etc.)
• Examples: Comgest, Carmignac, M & G
• Market entries
• Quality: appropriate for institutional
investors
• Addition to ETF allocation
35 Markus Hill
36. Market Entrance: Investment Boutique example
• Comgest
• Specialisation
• Clear view on target group
• Product quality
• Pro: hiring local expertise (sales)
• Existing „flagship“
36 Markus Hill
37. Importance of Sales Quality I (internal support)
• „hot air type sales person“ is out
• Sales minded outgoing „solution provider“
• At arms length with investor (technical
qualification)
• Headhunter have embraced issue
• Incentive structures (Fixed / Bonus /
equity)
37 Markus Hill
38. Importance of Sales Quality II (external support)
• Strategy (research, surveys, concepts)
• Sales („Placement Agent“)
• Products (manager selection)
• Marketing & Sales („hands on“)
• Fragmented Value Chain
• New Job Descriptions
• Intermediary Business Developement
38 Markus Hill
39. 4. Entering the market: Are there any secrets
to success in the German market?
39 Markus Hill
40. Is there a secret of success for the German market?
Indications, no recipe:
• Product performance „outstanding“
• Long term view
• Local expertise (internal or external)
• language (company language „bad
English“)
• element: go the extra mile
40 Markus Hill
41. 6.2 Summary I
• Ongoing dynamic evolution of PLF market for dpm, semi- institutional
and institutional investors
• Tendency towards specialisation and rationalisation of business models
of investment companies / asset managers continues
• Target group „institutional investors“ starts to become more receptive
for PLF
• Increasing acceptance by institutional clients leads to growing
acceptance by consultants („pull effect“)
• As a marketing tool well established investment companies take
advantage of the investment boutiques` expertise
• Sales support measures for fund initiators will become more important
as a differentiating factor for investment companies
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42. 6.2 Summary II
• Ratings and rankings will enhance the acceptance and brand
awareness of fund initiators („testimonial effect“)
• „Withholding tax hype“ within fund of funds will diminish from 2009
onwards („fund exitus“ and fund mergers)
• UCITS regulations will trigger new product launches
• Momentum and pressure to innovate coming from Germany and
Luxemburg as fund launch locations will grow
• Attractiveness of the german market for foreign asset managers
increases because of growing professionalism regarding outsourcing
activities at investment companies
• Investment companies more and more take on a roll as a „know how
pool“ and network provider for fund initiators
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43. Additional information
Articles (PDF) available per mail or print (European Fund Manager 2007/2008):
• Implementation of mutual funds in institutional business
• Fondboutiques and institutional business
• Ratings / rankings „mutual funds“ (institutional business)
• Private Label Funds (Germany)
• Myths & reality „Sales“ (Letter from Germany)
• Trends „Products“ (Letter from Germany)
(partly source of presentation, also slides from Hill/2007 and Frohne/Hill 2008)
Markus Hill
MH Services
Schaefergasse 42 – 44
60313 Frankfurt
Germany
Email: markus.hill.cologne@t-online.de
43 Markus Hill
44. Profile Markus Hill
Since mid 2005 Markus Hill has been working as as independent asset
management consultant. Before that he worked for SEB Bank and Credit
Suisse Asset Management amongst others. His services for clients include
marketing, sales and pr. In addition to that and due to his special area of
interest in „investment boutiques / usage of mutual funds by institutional
clients“ he is covering the topic „selection of target funds within multi
manager concepts“. Because of his close cooperation with the leading
provider of „PLF / Master KAG“ (Universal Investment GmbH, Frankfurt)
combined with the „initiation“ of well known research studies (amongst
others the first questionaire in Germany amongst consultants in cooperation
with Telos) he is a renowned industry expert. Individual publications in
Germany and abroad underpin his „industry network“. (source: DPI-Gipfel,
Montreux, 2006)
email: markus.hill.cologne@t-online.de
phone: 0049 (0) 280 714 mobile: 0049 (0) 163 4616 179
Markus Hill