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Vain Waiting for private buyers


Von der Deka und Allianz Global Investors zogen Anleger per Saldo 
Geld aus Aktienfonds ab.

By Deka and Allianz Global Investors Investors withdrew a net money from equity funds.

FRANKFURT. Ostensibly to see the sales figures of the fund industry in this country, although again quite reasonable, especially compared to the disastrous year 2008. But a closer look at the sales record shows that, above all, institutional investors put their money into funds and mandates. Private investors hold the other hand, dropped sharply. All major German fund provider reported net outflows from the private home, opened especially for mutual funds.

"The capital comes mainly from institutional investors," says Thomas Neisse, new president of the BVI. "The broad business – especially the running with private investors – not yet, the market remains untapped," says Rüdiger Sälzle, Managing Director of the Fund Adviser Fund Consult.

On balance, the fund industry gathering 2009) in public funds just over 2 billion Euro (graphic. In order to get a record outflow of the year before by nearly 28 billion euros while in the background, but there is no cause for celebration. Most clearly the money flowed out of money market funds, which is in the industry with the low interest rate and the large inflows in the years established before.

The real problem categories of many active fund managers are, however, the traditional divisions equity and bond funds. About half of the inflows into equity funds of 14.6 billion euros came into exchange-traded funds (ETFs). Among the four largest German fund providers reported only the German Bank subsidiary DWS back of inflows in billions of euros. The Co-operative Union Investment reports "clearly positive" inflows, by Deka and Allianz Global Investors (AGI) attracted investors from net cash from equity funds. Even pension fund industry’s net loss nearly 0.9 billion euros.

Overall, investors lost large companies in 2009 Capital: Deka lost 7.8 billion euros, according to BVI, the DWS nearly 4 billion euros, 1.8 billion euros and AGI Union Investment 1.6 billion euros.

The current sales year is expected to be difficult, especially for the traditional equity and bond funds. Said Klaus Riester, head of sales Union Investment said "security and comprehension among investors in 2010 are in the foreground. Therefore, guarantee and capital preservation fund and pension funds continue to maturity of attention. "

The balance sheet total sales saved the institutional investors like insurance companies and pension funds. For ongoing payments, they must achieve certain gains. Therefore, they can not, as a private retreat permanently from the equity markets. In the special funds for institutional, opened 2009 as a whole flowed almost 31 billion euros. Also in mutual funds to invest more and more insurance companies and pension funds. In the industry, it is estimated the proportion of institutional investors already on quarter of the total assets.

Association wants to be more present on the political stage

Outside of fund asset managers received almost 19 billion new money. On balance, the industry collected so that a nearly 51.9 billion euros and manages 1.7 Bill. Euro. Judged that 2009 was a difficult year, was the outgoing president Wolfgang Mansfeld BVI "satisfied".

The interest of private investors seem to be too few remained, however, so that these customers will also have benefited little from the stock market recovery since the spring of last year. To improve this, "we must make it clear that lows are an entry signal," said Victor Moftakhar, chief investment strategist at Deka.

Many industry representatives see threats to the future sales in a slowdown of capital market conditions, although the mood is positive. Per share for 2010 also argues Anja Mikus, head of portfolio management at Union Investment. But she also says: "The debt problems of Greece and its spillover effects currently burdening the markets. These aftershocks of the financial crisis will accompany us for years to come. "

The political debate over the financial crisis has hurt the investment industry to exercise their own interests more. "Cause us concern statements from the policy through which the whole financial industry will be affected, although there is hardly anything more transparent than mutual funds," says Nobert Welp, for example, sales manager at Pioneer Investments Germany. He warns: "There is confidence in an important tool to close the pension gap corrupted by gross negligence."

The Fund Association will continue to bring its voice in politics much more strongly. "Our concerns play in Berlin is not always the first violin," said the new president. The fund association BVI is therefore "there install a CEO." Trust wants to create the association through an industry model with goals made out like a trusteeship for investors. A comprehensive publicity campaign will be discussed further.