All Posts By

Hagen

Article about the future of UK as a financial centre post-Brexit on FondsTrends.lu

Fonds Trends logoThe UK government and the British financial industry are currently desperately looking for ways to keep the UK an attractive international financial centre post-Brexit. Indeed, since the EU referendum in June 2016, but especially in recent months, the financial industry on the island has lost a lot of staff, companies and assets. Asset management has been hit hardest, as Hagen Gerle explains in this article for FondsTrends, the information platform of Hauck & Aufhäuser Fund Services about current trends and topics in the fund business: Financial Centre UK Post-Brexit: Searching for A New Meaning (article available in German only).

GFC podcast Episode 7: ESG, SFDR and the risk of “Impact Washing”

Logo GFC PodcastThe “Sustainable Finance Disclosure Regulations (SFDR)“ which has been in force for almost three months now, reveals it: The number and volume of investment funds that either take sustainability criteria into account (article 8) or even want to improve them (article 9) are on the rise.  Is it all a sham – or is the fund industry really becoming more sustainable? And what do the, sometimes rather meager data and parameters such as the new “Principle Adverse Impact” indicators reveal? We talked about this with Christina Böck, partner at international strategy consultancy INDEFI, for the new episode of GFC (not the ‘Global Financial Crisis’) Podcast.

This podcast is in German. Length of the podcast: 19:42 min.

Survey: The biggest challenges for foreign fund companies in Germany in 2021

Chart showing the biggest challenges for foreign asset managers in Germany 2021Germany’s decentralised structure with its different financial centres, access to distribution partners, fund-related regulation and Working from Home (WfH) as well as specific requirements from clients are the biggest challenges for foreign fund companies in the German market. Compared to the respective home markets of the asset managers, regulation in Germany causes considerably more work. These are the main findings of the survey “What hurdles do foreign fund houses have to overcome in the German market?” – the second after 2020 – which was conducted by the specialised communications consultancy Gerle Financial Communications (GFC).

Representatives of 18 companies that work for or provide services to foreign fund houses, mainly in Sales, took part in the online survey in February and March of this year. Participating firms came from Europe (twelve firms), North and South America (five) and Asia (one firm). Eight of the participants (44%) have been present on the German market for more than five years, three (17%) between three and five and four (22%) between one and three years. Three companies (17%) have only become active on the German market in the past twelve months. Continue Reading

Asset Manager Survey 2021: What are the biggest hurdles for foreign asset managers coming to the German market?

What are the biggest hurdles for foreign investment companies in the German market? Is it specific requirements of institutional clients or complex German regulations? Switch to Work from Home or cautiously returning to the office? Or is it finding the right sales contacts or pushing ahead with digitisation? The following online survey – the second after 2020 – seeks answers to such central questions. It is aimed at foreign asset managers in Germany who have only been represented here for a few years or are still planning to enter the German speaking market.

The questionnaire consists of 12 questions, so answering shouldn’t take longer than 10 to 15 minutes. The (anonymous) results of the survey can be requested by all participants at the end of the survey with no further strings attached. The survey is open until mid of March 2021. To access the link to the survey (in English), please click here.

GFC Podcast episode 6: The British financial industry post Brexit

The British financial industry post Brexit: Hoping for equivalence – or move to the EU straight away? That is the topic of the latest, 6th episode of GFC (not the ,Global Financial Crisis‘) Podcast. The Brexit deal announced by the British government and the EU Commission on Christmas Eve largely excludes services – and with it the powerful British financial services industry with its immense share in economic output, tax revenue and employment. Especially for the British fund industry, which manages by its own record more than GBP 8.5 trillion in assets, a treaty with the EU about the future of financial services post Brexit is essential. However, the European Union doesn’t seem to be in a hurry with that … and every day without an agreement drives more business, firms, and staff to Europe – and unsettles British investment managers increasingly. You can find more information in our article in German or English.

This podcast is in German.

Length of this podcast: 14:20 min.

British financial sector post Brexit: hoping for equivalence – or move to the EU straight away?

The United Kingdom and the European Union want to sign a “Memorandum of Understanding” by the end of March, which should determine how the financial services industry will proceed after Brexit. While the UK hopes that its regulations will also be recognised as equivalent on the continent, a level playing field seems to be more important for the EU. Every day without an agreement drives more business, firms, and staff to Europe – and unsettles British investment managers increasingly.

Things are not looking good for the UK as an international financial hub. While the Brexit deal may have been an unexpected Christmas present for some Brits, for many it is turning into a national tragedy. Enervated hauliers, angry fishermen and ripped-off online shoppers from the United Kingdom (UK) may soon be joined by relocating employees in financial services firms. The sales manager of a London investment boutique put it succinctly in a phone call with me the other day: “Down the line, if you want to work in the EU, you need the local licence.” Ergo, his employer is intensively looking for a location on the European mainland.

Considerations, like those of this asset manager with its tens of billions in assets under management, are being made by more and more investment houses on the Thames that do not (yet) have a branch in the European Union (EU). The post-Brexit period is a grey area for many of them as long as there is no separate agreement between the UK and the EU. But that may be a long time coming. Continue Reading

GFC Podcast episode 5: “Digital marketing – asset managers’ sales’ best friend in these times”

Digital Marketing, virtual investment conferences and the question: LinkedIn or TikTok? This is how you could describe the topic of the 5th episode of GFC (not the ‘Global Financial Crisis’) Podcast. How do investment companies draw attention to themselves when they can no longer meet and advise their clients face-to-face? How is the relationship between Sales (they were the topic of the last GFC Podcast) and Marketing of asset and wealth managers changing? I talk about this, traditional strategies and new tools and about the fundamental upcoming regulation on cookies with Patrick Ide, Managing Director of GrndWorX in The Hague, and Alexandra von Kalnein, Managing Director of Natango Invest in Frankfurt am Main. This podcast is in English. Here you can find the whole interview with Patrick and Alexandra in English as a PDF.

Duration of the podcast: 22:16 min.

 

The fish, the finances and the last act in the Brexit drama

The (for the time being) final curtain in the Brexit drama is rising these days, but it does not look like a good ending for the British financial and fund industry. Until recently, the biggest opportunity seemed to be “Fish for Finance“. But that is unlikely to happen. British financial firms are sitting on dry land if they do not have their own branch in the European Union by now (read the whole article as a PDF). Until the cancellation of British Prime Minister Boris Johnson last Friday, “Fish for Finance” – a possible trade between fishing rights for EU fishing boats in British waters on one hand and access for British financial products to the European Union on the other – looked quite promising. Haddock for funds or cod for derivatives, so to speak. Continue Reading

GFC Podcast episode 4: Challenging times for Third Party Marketers

How laborious institutional fund distribution has become in times of Coronavirus and lockdown, and which conclusions can be drawn from this for the future – that’s the topic of the new 4th episode of GFC (not the ‘Global Financial Crisis’) Podcast. And this time it’s completely in English. I’ve spoken to four Third Party Marketers, external sales consultants, who have been selling funds for a number of asset managers in the German speaking market (D-A-CH) and Luxembourg for decades: Natango Invest and bavi consulting (Bavicon) in the Frankfurt area, Multi Boutique Marketers (MBMs) in Luxembourg and London based Bohanan Ltd. Their verdict: No personal meetings, no pitches for new mandates and much longer investment processes – it’s been tough times and this is going to stay for a while … (original interview as a PDF).

GFC Podcast episode 3: The commission cap, EU taxonomy and long hair in lockdown

The new, third episode of GFC (not the ‘Global Financial Crisis’) Podcast is about financial market regulation, the still threatening commission cap for life insurance and the EU taxonomy (and long hair). Original statements can be heard from opponents and supporters of the commission cap – members of the German Bundestag Carsten Brodesser (CDU) and Frank Schäffler (FDP), Dr. Peter Schwark of the Association of the German Insurers (GDV), Norman Wirth, Brokers’ Association AfW, and Axel Kleinlein of the German Association of the Insured (BdV). In addition, an interview with consultant Anke Limbach (Limbach Consulting) – management consultant and specialist for the implementation of complex organisational projects in the securities investment sector – on the EU taxonomy for sustainable investments … and why this is likely to become an even greater degree of coordination than MiFID 2.

Unfortunately, it’s all in German …