Asset Manager Survey 2026: Biggest challenges for foreign fund managers in Germany

• Client-specific requirements, decentralised structure and fund information in German are still the biggest hurdles in the third year
• Regulation still causes “only” half of asset managers in Germany more work than in their respective home market
• Home office regulations remain a hot topic; shift towards more working hours in the office
• Other findings include the use of AI, offering active ETFs and preparing for new fund classifications

Client-specific requirements, such as reporting or tax regulations (28%), the decentralised nature of Germany with its various financial centres (25%) and fund information in the German language (18%) remain the biggest challenges for foreign investment companies on the German market for the third year in a row.

These are the key findings of the annual asset manager survey for foreign fund companies on the German market conducted by Gerle Financial Communications, a specialised communications consultancy for the financial sector. 26 representatives of foreign fund companies, external sales representatives (third-party marketers) and service providers in the fund industry took part in the online survey in February and March 2026. It was the seventh of its kind since 2020.

Access to distribution partners (13%), fund-related regulation (8%) and the recruitment of qualified staff (5%) are seen as further difficulties. “Just” over half (54%) of foreign fund houses still feel that regulation in Germany is more labour-intensive than in their respective home market – last year, two-thirds of respondents (67%) said the same.

Further results of the survey

“New Work” remains an irritating topic: Although many foreign asset managers have also established hybrid models, the organisation of working from home arrangements in Germany continues to cause considerable effort. 23 per cent report “more work” with this than in their respective home market, just under three quarters (73%) report just as much effort and the remaining four per cent report less effort.

The most common working time model at foreign fund companies is currently “three days in the office, two days in the home office” (35%), followed by “four days in the office, one day from home” and “free choice of work location”, each with 19 per cent of the votes cast. Overall, there has been a shift towards a greater obligation to come to the office over the past three surveys.

Use of AI is shirt-sleeved: Most investment firms use artificial intelligence (AI) primarily in marketing and communications (29%) as well as in customer service and “in other departments” (16% each). Only 14 per cent of respondents have integrated AI into their investment process or already use AI “in all processes”. Only one participant stated that AI was not used at all in their company.

Active ETFs still a niche topic: almost two-thirds (64%) of the companies surveyed do not currently offer active ETFs for German investors – and have no plans to do so in the next twelve months. But the potential is growing: one fifth (20%) are planning to enter the market with this semi-passive form of investment within a year. And as many as twelve per cent already offer active ETFs for German investors.

Well prepared for new fund classification: The European fund regulator ESMA is planning to replace the current sustainability categorisation into Article 6, 8 and 9 funds with a new classification. Almost three-quarters of participants (72%) said they were already prepared for the new classification, one-fifth (20%) said they were not; eight per cent had not heard of the new regulation.