/ Asset Management in Germany

For European asset managers, Germany is a tough market: plenty of competition, a less developed retail market, fragmented distribution channels, obscure investment restrictions and on top of all this the most complex tax regime for investment funds in Europe. However, Germany is an attractive market as German investors have enormous cash reserves and are looking for intelligent investment solutions.

Finding your way through the maze of German regulations and winning a piece of the ever growing market can be difficult without the right advice. Allen & Overy's German asset management team will present a seminar in London covering:

• Current market trends
• Distribution channels to get your products to retail investors
• Upcoming changes in taxation of funds and their investors
• What to know when selling investment fund products to German insurance companies
• New requirements for foreign asset managers managing German institutional assets

 

Programme Details

8:30 Registration & breakfast

9:00 Market trends: Which asset classes and products are in demand, which asset managers have won and lost market share?

• Flight to safety - German retail investors, an elusive prey
• Brand management- which managers have achieved market recognition
• The German market for closed-ended funds in turmoil

9:20 Distribution of public mutual funds to German retail investors - an analysis of distribution channels and distribution agreements

• Will stricter rules for IFAs change the German distribution landscape?
• Ban on inducements : Fee-based advisory in the march?
• Distribution agreements with German banks – learning from the mistakes made by your competitors

10:00 Break

10:30 Upcoming changes in German taxation of investment funds and their investors

• Tax transparency for Dummies – become an expert in German investment taxation in 10 minutes
• The German Investment LLP
• The Treasury-plans to "simplify" German investment taxation – a tale of tortoise and hare

11:00 Selling investment fund products to German insurance companies - Deckungsstock and Solvency II requirements

• The "equivalence" requirement in the Insurance Supervisory Act
• Closing loopholes for alternative investments
• "Loan funds" for German insurance companies
• Will German rules survive Solvency II?

11:30 Dealing with a German Master-KAG - New requirements for foreign asset managers managing German institutional assets

• The Master-KAG model in a nutshell
• Master-KAG margins erode – impact for asset management agreements with foreign asset managers
• How UCITS IV changed the cooperation between Master-KAG and asset manager

12.15 End of seminar