Asset management

The asset management (including asset management ) is one of the central financial services and describes the meeting of (financial ) investment decisions by a third person who acts as an asset manager. However, the term is to be treated with caution since it enjoys no legal protection, and is therefore also used by unregulated financial institutions. The capital and reserves correct name of the service is " portfolio management ".

Background

In contrast to the asset or investment advice investment advice not only be granted in asset management, but also investment decisions made ​​independently by the Investment Manager. The focus of this business unit managing major private and institutional domestic and foreign assets ( " Assets" ) is different asset classes (stocks, bonds, real estate and liquidity). Goal of asset management is to optimize the asset portfolio of the customer, taking into account its specific risk situation and boldness as well as his life planning.

Asset management for private

Individuals have access to asset managers of commercial banks and the free market. Optimize asset managers and maintain the equipment for the customer. Unlike a fund portfolio is constructed according to the personal needs. Here, aspects such as the individual values ​​are taken into account ( eg securities excluded from arms factories ).

Wealthy private individuals commit an asset manager when taking care of the property takes too long or freezes the owner does not want to acquire the necessary skills. Please note are any minimum investment amounts, which have some administrations defined as an entry criterion.

Conflicts of interest of the asset management

Bid banks asset management, there is a risk of conflict of interest because the bank earns through the sale of its own financial products in the portfolio of clients both in the asset management as well as on the product. Independent asset managers relate partly retrocession, which have the same effect. Countermeasures could be cost transparency and cost guarantees that limit the maximum cost (Total Expense Ratio Warranty ), or an agreement with the Investment Manager that all retrocession are passed on to the customer.

Access to wealth management

Private banks and major retail banks usually offer to asset management mandates. Highly personalized services relating mainly to independent asset managers.

Different Internet platforms provide access to wealth management:

• In Germany, for example, informed the Association of Independent Asset Managers Germany eV ( VuV ) across asset managers.
• The Swiss Association of Asset Managers lists its members.
• MyPrivateBanking Research has compiled an inventory of property managers and private banking providers in Germany, Switzerland and Austria, as well as other countries.

In so-called family offices, asset management particularly large assets takes place.

Asset management companies in

In asset management is about the systematic optimization of the bound business assets to ensure a financially successful business operations.

Asset management can be operated with the aim to achieve a high increase in value with the given capital ( maximum principle ); conceivable is also the aim to achieve a planned increase in value by as little capital ( minimum principle ).

The increase in value is, for example measurable on the Economic Value Added ( EVA).

Authorization requirement for asset managers

For regulatory purposes, is to distinguish between the "real asset management ", namely in § 1 Article 1a No. 3 KWG regulated financial portfolio management, which provides that " the administration of individual invested in financial instruments for others with discretion " requires the permission of the Federal Financial Supervisory Authority ( BaFin) and the "non-genuine asset management ", which often presents itself as a mere investment advice. However, subject to the investment advice of the same authorization requirements as asset management. The only exception is pursuant to § 2 paragraph 6, sentence 1, No. 8 KWG investment advisory services to mutual funds with sales approval. The legislator assumes that the regulation of the fund itself already constitutes a sufficient protection. Therefore, no more than the rules of the Commercial Code ( § 34c para 1 No. 3 Industrial Code ) beyond approval is required for this special case. However, while lurking pitfalls. For example, if is recommended as part of the consultation, existing holdings of securities for sale that are not investment funds themselves, and to invest the proceeds in investment funds, so that is no longer covered by the exception. For each part of the consultation must be considered separately, and therefore the sell recommendation already filled the offense of Regulated investment advice, regardless that it was linked in connection with a license-free buy recommendation for a mutual fund.