Asset management
Asset management (also English asset management ) is a financial service that deals with the management of assets invested in financial instruments . The asset manager also makes investment decisions for his clients . The term has no legal protection in Germany and is also used by unregulated financial service providers.
General
The correct designation of the service under banking supervisory law is financial portfolio management ( Section 1 (1a) No. 3 KWG ). In contrast to financial or investment advice , asset management not only provides investment advice ( advice ), but investment decisions are also made independently by the asset manager. The focus of this business unit to manage important is private and institutional domestic and foreign financial assets ( english assets ) of different risk classes ( equities , bonds , property and cash ). The goal of asset management is to optimize the client's asset portfolio, taking into account their specific risk situation and willingness to take as well as their life planning.
Asset management for institutional
Institutional investors - such as insurance companies , pension funds , foundations , charitable institutions and state institutions - can commission asset managers to optimize their assets. To this end, investment strategies are developed and implemented that are based on the respective risk / return requirements.
The largest asset managers for institutional investors or asset managers in the world in 2015 measured by assets under management (also assets under management , AUM):
Asset management for private individuals
Individuals can rely on asset managers from commercial banks and the non- banking sector . The asset managers optimize and maintain the investments in the interests of the client. In contrast to funds , a portfolio is put together according to personal needs. Aspects such as individual values are also taken into account (e.g. securities from armaments factories excluded). Wealthy private individuals hire an asset manager if the management of the asset takes too much time or the owner does not want to acquire the necessary general financial education . Please note any minimum investment sums that some administrations have defined as entry criteria. Common categories in this context are high-net-worth individual (HNWI, e.g. at least 5 million euros) or ultra high-net-worth individual (UHNW, e.g. at least 30 million euros).
The world's largest private wealth managers in terms of assets under management in 2016 were:
| rank | Surname | country | Assets Under Management ( USD billion ) |
|---|---|---|---|
| 1 | UBS Wealth Management |
 Switzerland
|
2069 |
| 2 | Bank of America Global Wealth and Investment Management |
 United States
|
1972 |
| 3 | Morgan Stanley Wealth Management |
United States
|
1950 |
| 4th | Wells Fargo Wealth Management |
United States
|
922 |
| 5 | RBC Wealth Management |
 Canada
|
791 |
| 6th | Credit Suisse Private Banking & Wealth Management |
Switzerland
|
719 |
| 7th | Citi Private Bank |
United States
|
452 |
| 8th | JP Morgan Chase |
United States
|
435 |
| 9 | Goldman Sachs Private Wealth Management |
United States
|
413 |
| 10 | BNP Paribas Wealth Management |
 France
|
362 |
| 11 | Julius Baer Group |
Switzerland
|
324 |
| 12 | BMO Wealth Management |
Canada
|
302 |
| 13 | Northern Trust |
United States
|
248 |
| 14th | Pictet |
Switzerland
|
246 |
| 15th | China Merchants Bank |
 People's Republic of China
|
239 |
Asset Management Conflicts of Interest
If banks offer asset management, there is a risk of conflicts of interest , as the bank earns money from both asset management and the product by selling its own financial products in the customer's portfolio. Independent asset managers sometimes receive retrocessions , which have the same effect. Countermeasures could be cost transparency and cost guarantees that limit the maximum costs ( Total Expense Ratio Warranty ), or an agreement with the asset manager that all retrocessions are passed on to the customer.
Access to asset management
Private banks and larger retail banks usually offer asset management mandates. Independent asset managers in particular provide highly personalized services.
Various internet platforms offer access to asset management:
- In Germany z. B. the Association of Independent Asset Managers Germany e. V. (VuV) on asset managers.
- In Switzerland, the Association of Swiss Asset Managers, one of the Swiss self-regulatory organizations, lists its members.
Asset management is carried out in so-called family offices , particularly large assets.
Authorization requirement for asset managers
In terms of supervisory law, a distinction must be made between "real asset management", namely the financial portfolio management regulated in Section 1 (1a) No. 3 KWG, according to which "the management of individual assets invested in financial instruments for others with decision-making scope" requires the approval of the Federal Financial Supervisory Authority (BaFin) , and “fake asset management”, which often presents itself as mere investment advice. However, investment advice is subject to the same authorization requirement as asset management. The only exception in accordance with Section 2 (6) Clause 1 No. 8 KWG is investment advice on mutual investment funds with marketing authorization. The legislator assumes that the regulation of the funds itself already provides sufficient protection. For this special case, no approval going beyond the rules of the trade regulations ( Section 34f (1) No. 3 GewO) is required. However, there are pitfalls. If z. If, for example, it is recommended as part of the consultation to sell existing securities portfolios that are not corresponding investment funds themselves and to invest the sales proceeds in investment funds, this is no longer covered by the exception. Because each part of the advice must be considered separately, and accordingly the sales recommendation already fulfilled the criteria of investment advice requiring authorization, regardless of the fact that it was associated with an authorization-free purchase recommendation for an investment fund.
literature
- Klaus Spremann : Vermögensverwaltung , Hardcover: 445 pages, Oldenbourg (August 1999), ISBN 978-3-486-25258-3
Individual evidence
- ↑ The world's 500 largest asset managers
- ↑ Wealth Industry Boosts AUM & Brings Costs under Control Yet Income Growth Remains Unconvincing. In: Scorpio Partnership. Retrieved March 21, 2018 .
- ↑ VuV - Association of Independent Asset Managers Germany eV Accessed on December 6, 2018 .
- ^ Association of Swiss Asset Managers | VSV. Retrieved December 6, 2018 .
