Pension schemes have become the top investors in German open-ended Spezialfonds with asset allocations totalling €645bn, according to figures published by the fund industry association BVI on Tuesday.
The share of investments of pension institutions in Spezialfonds has shot up from 26%, or €369bn, in 2016 to 31% today, BVI added.
Insurance companies closely followed in the ranking of the largest investors in open-ended Spezialfonds with €644bn, ahead of non-profit organisations such as churches with €232bn, credit institutions with €224bn, manufacturing and service companies with €197bn and other institutions, for example social security institutions, with €142bn.
The German fund industry managed total assets of €4.08trn as of mid-2021, up from €3.85trn in 2020, including €2.08trn in Spezialfonds, €1.35trn in open-ended Publikumsfonds, €615bn in mandates and €34bn in closed-ended funds.
Net inflows in Spezialfonds from January to June of this year reached €57.3bn, including €26.1bn in Q2. Net inflows in funds overall totalled €110.4bn during the period, boosting the growth of total assets by €234bn.
Spezialfonds with a focus on securities and private equity investments saw net inflows in the period January-June of this year of €52.08bn, while real assets Spezialfonds saw inflows of €5.25bn, according to BVI.
Assets under management (AUM) in Spezialfonds with a focus on securities and equity investments came to €1.95trn in H1, while real assets Spezialfonds reached €125.09bn.
For sustainable funds assets hit €361bn by mid-2021 – up from €335bn in the first quarter of this year and €147bn at the end of 2020 – of which Spezialfonds manage €110bn with the remaining managed by Publikumsfonds.
Equity Publikumsfonds recorded AUM of €575.78bn for H1, followed by bonds Publikumsfonds with €222.40bn, and mixed Publikumsfonds with €366.06bn. Equity Publikumsfods topped the ranking in terms of net inflows in the first half of the year with €35.3bn, the strongest growth since 2000, BVI said.
Actively managed funds saw inflows of €19.4bn and equity ETFs took in €15.9bn, it said.