Institutional shift away from German open-ended funds
The new regulations coming into force for the German open-ended funds (GOEF) sector will lead to institutionals shunning the sector, although not the asset class, according to a recent representative report carried out by Schroder Property. The likely gainer from investors’ revised sentiment towards the sector is likely to be German special funds, or Spezialfonds, albeit only marginally, according to the report.
The survey of 112 German institutional investors – including insurance companies, pension funds, fund-of-funds, family offices and banks – showed that 65% of respondents were currently invested in GOEFs, but only 33% were planning to invest in the vehicles in the next 12 months.
A third of those surveyed also said they planned to sell their existing open-ended fund holdings as soon as reasonably possible – certainly in the next twelve months - which is likely to add considerably to the pressure on currently frozen funds, who are desperate for fresh liquidity to enable them to re-open their funds to investors.
Both private and
institutional investors have withdrawn billions of euro from the GOEF sector
since the onset of the financial crisis...
(Read more on this in a recent issue of the REFIRE Intelligence Report, from August 29th, 2011 - see below)
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