GERMANY - The German arm of Credit Suisse Asset Management has reported a 23% rise in institutional assets under management during the first half.

The figure puts it within a whisker of a volume goal it set for itself late last year.

CSAM Germany said its institutional AUM totalled €5.2bn at the end of June, up from €4.2bn one year earlier. Assets from German pension funds currently make up 24% of the total.

Philipp Vorndran, chief executive of CSAM Germany, said that there were no specific trends behind the increase. Generally speaking, however, he said there was stronger institutional demand for equity funds with dividend strategies, an eastern European bond fund and even commodities funds.

The increase in AUM means that CSAM Germany will likely reach a target volume of €5.5bn a year before it expected. That target had been set by Hansjörg Herzog, CSAM Germany’s former chief executive who left in February.

Herzog felt that a factor behind the growth be would the trend for German firms to create external funds to meet their pension liabilities.

CSAM Germany has another €6bn invested in mutual funds. All told, it aims to reach the €13bn AUM mark next year.

“Naturally, we’re delighted that we’re on track to meeting our goals. We don’t plan on naming any new quantitative ones but instead will now concentrate on quality goals,” Vordran said.