German open-ended Spezialfonds have recorded inflows at the end of the third quarter of this year which are “significantly lower” than inflows recorded in the same period last year, according to latest figures published by the fund industry association BVI.

Net inflows of open-ended Spezialfonds totalled €27.4bn at the end of Q3 2023, down from €51.71bn recorded in the same period last year, the figures showed.

Additionally, BVI’s research also showed that property funds recorded net inflows so far this year of €5.53bn, down from €9.24bn in the same period last year.

Total inflows in open-ended Spezialfonds, however, improved quarter-on-quarter, from €6.80bn in Q2 to €8.94bn in Q3 this year.

Net inflows recorded by close-ended Spezialfonds were also lower this year (€4.24bn), compared with last year (€5.63bn). Close-ended Spezialfonds comprise property funds which saw inflows inflows decline from €1.52bn in 2022 to €580.6m this year, it said.

Quarter-on-quarter, inflows in close-ended Spezialfonds jumped from €624.6m in Q2 to €2.93bn in Q3, according to the figures.

Assets under management in close-ended Spezialfonds totalled €50.18bn at the end of September 2023, up from €48.98bn at the end of H1.

Funds in Germany managed assets totalling €3,97trn at the end of September, a 5% increase compared with the beginning of the year (€3.80trn).

Open-ended Spezialfonds for institutional investors account for the largest share of assets managed, at €1.99trn, down from €2.01trn at the end of H1 this year, including €684bn managed on behalf of pension schemes, and €522bn on behalf of insurance companies.

Net total assets managed by open-ended Spezialfonds include €160.45bn invested in property funds, and €126.77bn in fund of funds.

Funds manage assets totalling €1.32trn in open-ended retail funds, €601bn in mandates and €53bn in close-ended funds. Investment funds saw net inflows amount to  €55.4bn in the first three quarters of this year, according to BVI.

Spezialfonds invest 43.3% of its assets in bonds, including bank, government and corporate bonds, 15% in equities, 28.3% in investment funds and 13.1% in other investments, as of the end of June 2023, accordind to Bundesbank.

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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