Pension schemes have invested the highest amount in the form of net inflows in Spezialfonds in 2021, €38.8bn, up from €10.4bn in 2020, according to the latest figures published by Kommalpha.
Net inflows in Spezialfonds reached a total record high of €116bn last year, and as a result the total volume of assets managed rose to €2.15trn, including €657.6bn from insurance companies, a market share of 30%, and €586.1bn from pension schemes, which have therefore a market share of 27%, it said.
The fourth quarter of 2021 stood out with net investment in Spezialfonds of €56.7bn, and €112.5bn in cash, the highest amount ever recorded.
Pension schemes again led the ranking for net inflows in Q4 with €18.4bn, and in terms of liquidity with €36.6bn. Spezialfonds with a mix of securities recorded the highest net inflow in the fourth quarter of €22.6bn.
Insurance companies recorded “weak” returns in terms of net inflows in Spezialfonds of €13bn last year, down by €12.5bn compared with 2020.
In the case of insurance companies the difference between net inflows and liquidity shows that for €64.6bn in cash only €13bn landed net in Spezialfonds.
“That means a withdrawal liquidity of over €51bn, which is a dramatically high value. Insurance companies appear to be in turmoil with their allocations,” said Kommalpha’s managing director Clemens Schuerhoff.
Private non-profit organisations ranked in second place for net inflows in Spezialfonds last year with €28.2bn, adding €9.3bn compared with the investments conduced in the prior year.
Net inflows of funds from corporates in German Spezialfonds last year totalled almost €12bn, up from €9.4bn in 2020. Social security, public and church supplementary pension schemes invested €5.1bn, ranking in sixth place for net inflows, on par with 2020, it added.
Metzler Pensionsfonds grows with new clients
The German bank Metzler saw assets for its Pensionsfonds increasing to €6.4bn at the end of last year, from €4.3bn in 2020.
The growth was the result of the acquisition of new clients including Berliner Sparkasse, Citi and the IKB Deutsche Industriebank among others, the bank said.
The number of pension accounts for beneficiaries in the Metzler Pensionsfonds rose over the past year to close to 44,000, from 38.000 in 2020, from a total of 34 sponsoring companies.
Companies are able to transfer pension obligations to Pensionsfonds.
Last year the German bank set up a Pensionsfonds specifically designed for the implementation of the social partner pension, which received the green light by the financial supervisory authority BaFin.
Golding Capital Partners speeds up growth
Assets under management at Golding Capital Partners, which focuses on alternative investments, grew last year to €12bn, driven in particular by co-investments, managed accounts and its funds of funds business.
The asset manager received capital commitments of €2bn last year and invested €1.5bn.
Golding added 28 new investors to its portfolios in 2021, including institutional investors from Southern Europe, East Asia and South America, while planning to expand relationships in Switzerland, Italy and Nordic countries this year, it said.
The biggest commitment last year came from TK Pensionsfonds that awarded a multi-asset mandate to the asset manager.
This year Golding continues to expect growth across alterative asset classes infrastructure, private credit and private equity, its fund of funds business, and above all from its co-investments and individual managed accounts, despite current geopolitical tensions.
“After years of low interest rates many investors have gained experience of alternative investments in private markets, and steadily increased their allocations as a result of their positive experiences,” said Hubertus Theile-Ochel, managing partner of Golding Capital Partners.
Golding sees “a strong rise in demand” of co-investment funds and individual managed account, he added.