The institutional investor landscape in Germany is in part not very transparent and highly fragmented. More than 500 financial institutions manage €3 trillion. Over the last five years, the volume of investments has risen by more than €500 billion, with pension funds of the liberal professions (“Versorgungswerke”), health insurance companies and municipal and church supplementary pension funds (“Zusatzversorgungskassen”) growing particularly dynamically. Asset allocation has been in the midst of a continuous transition since the financial crisis due to the prevailing low interest rate environment. Accordingly, pension funds of the liberal professions (“Versorgungswerke”) and company pension funds (“Pensionskassen”) have reduced their share of direct investments in bonds as a percentage of total investments by 20%, while insurance companies have reduced such investments by 10%. Indirect (fund) investments have increased by more than €250 billion.
In the spring of 2014, GAC began to systematically study institutional investor groups. The interest in the first publications on pension funds of the liberal professions (“Versorgungswerke”) and company pension funds (“Pensionskassen”) and positive feedback from asset managers, consultants, fund companies, investors and the press has confirmed the plan to expand our focus to other investor groups such as corporates, pension funds, insurance companies, foundations, proprietary custodial accounts (Depot A) – investors as well as municipal and church pension funds. The detailed reports drawn up by GAC provide a systematic overview of the investor structure, asset allocation and benchmarks for a capital volume of €3 trillion. The core of the reports consists of detailed investor profiles with the individual structure, asset allocation and performance at more than 300 financial institutions.
Comprehensive reports with aggregated results on various investor groups as well as individual investor profiles can be obtained from GAC (please fill out order form and send it back to GAC by email (scanned) or by post). The reports, investor profiles and special analyses have also been available in the constantly updated online portal “InstiPortal” since October 2016.