{"id":44069,"date":"2017-09-01T10:11:53","date_gmt":"2017-09-01T08:11:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/structuring-of-investment-mandates-for-alternative-investments\/"},"modified":"2017-09-01T10:11:53","modified_gmt":"2017-09-01T08:11:53","slug":"structuring-investment-mandates-for-alternative-investments","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/structuring-investment-mandates-for-alternative-investments\/","title":{"rendered":"Structuring of investment mandates for alternative investments"},"content":{"rendered":"

Uwe B\u00e4renz<\/strong> \u2014 Lawyer and Part\u00adner P+P P\u00f6llath + Part\u00adners, Berlin<\/p>\n","protected":false},"excerpt":{"rendered":"

The inte\u00adgra\u00adtion of alter\u00adna\u00adtive invest\u00adments into the asset manage\u00adment of German insti\u00adtu\u00adtio\u00adnal inves\u00adtors has gained importance in recent years. The ongo\u00ading low-inte\u00adrest phase has brought the asset clas\u00adses a steady influx of insti\u00adtu\u00adtio\u00adnal inves\u00adtors in recent years. Insu\u00adrance compa\u00adnies, pension funds and occu\u00adpa\u00adtio\u00adnal pension sche\u00admes in parti\u00adcu\u00adlar are attrac\u00adted by above-average earnings oppor\u00adtu\u00adni\u00adties and long-term projec\u00adted cash flows. Many inves\u00adtors initi\u00adally acces\u00adsed such invest\u00adments through holdings in specia\u00adli\u00adzed funds of funds.<\/strong><\/p>\n

As confi\u00addence in asset clas\u00adses increa\u00adses, the focus is shif\u00adting to connec\u00adting specia\u00adli\u00adzed port\u00adfo\u00adlio mana\u00adgers to invest in direct-inves\u00adt\u00ading target-date funds, as well as co-invest\u00adments and direct invest\u00adments for a broa\u00adder group of insti\u00adtu\u00adtio\u00adnal inves\u00adtors. In addi\u00adtion to equity invest\u00adments, there is also demand for debt invest\u00adments, espe\u00adci\u00adally asset class-rela\u00adted debt instru\u00adments (e.g. infra\u00adstruc\u00adture debt). For the orga\u00adniza\u00adtion of these capi\u00adtal invest\u00adments, struc\u00adtures are needed that enable conti\u00adnuous coope\u00adra\u00adtion and take into account the special requi\u00adre\u00adments of the investors.<\/p>\n

Requi\u00adre\u00adment profiles and service catalog<\/strong><\/p>\n

The requi\u00adre\u00adments profile of German inves\u00adtors for invest\u00adment struc\u00adtures ranges from tax needs (shiel\u00adding or trans\u00adpa\u00adrency) to suita\u00adbi\u00adlity under insu\u00adrance super\u00advi\u00adsory law (ability to provide secu\u00adrity assets) and invest\u00adment law acqui\u00adra\u00adbi\u00adlity (ability to acquire special funds). In addi\u00adtion, aspects such as limi\u00adting liabi\u00adlity, ensu\u00adring legal control over contrac\u00adtual rela\u00adti\u00adonships, and reasonable admi\u00adnis\u00adtra\u00adtive expen\u00adses are of central importance.<\/p>\n

The deter\u00admi\u00adna\u00adtion of the requi\u00adre\u00adments to be fulfil\u00adled by the port\u00adfo\u00adlio mana\u00adger depends, in the first step, on the cata\u00adlog of services requi\u00adred by the inves\u00adtors from the port\u00adfo\u00adlio mana\u00adger. Moreo\u00adver, these requi\u00adre\u00adments inter\u00adact with the struc\u00adture chosen by the investor.<\/p>\n","protected":false},"featured_media":41257,"comment_status":"closed","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2550,2555],"product_tag":[1437,2078,2080,2081,2083,2085,2087],"class_list":{"0":"post-44069","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2015","8":"product_cat-uwe-baerenz-en","9":"product_tag-asset-management-en","10":"product_tag-baerenz-en","11":"product_tag-uwe-en","12":"product_tag-cash-flow-en","13":"product_tag-utilities","14":"product_tag-fund-of-funds","15":"product_tag-direct-investments","16":"pa_sprache-english-3","17":"pa_sprache-german","19":"first","20":"outofstock","21":"taxable","22":"shipping-taxable","23":"purchasable","24":"product-type-variable"},"yoast_head":"\nStructuring of investment mandates for alternative investments - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/structuring-investment-mandates-for-alternative-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Structuring of investment mandates for alternative investments - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"The integration of alternative investments into the asset management of German institutional investors has gained importance in recent years. The ongoing low-interest phase has brought the asset classes a steady influx of institutional investors in recent years. Insurance companies, pension funds and occupational pension schemes in particular are attracted by above-average earnings opportunities and long-term projected cash flows. Many investors initially accessed such investments through holdings in specialized funds of funds. As confidence in asset classes increases, the focus is shifting to connecting specialized portfolio managers to invest in direct-investing target-date funds, as well as co-investments and direct investments for a broader group of institutional investors. In addition to equity investments, there is also demand for debt investments, especially asset class-related debt instruments (e.g. infrastructure debt). For the organization of these capital investments, structures are needed that enable continuous cooperation and take into account the special requirements of the investors. Requirement profiles and service catalog The requirements profile of German investors for investment structures ranges from tax needs (shielding or transparency) to suitability under insurance supervisory law (ability to provide security assets) and investment law acquirability (ability to acquire special funds). In addition, aspects such as limiting liability, ensuring legal control over contractual relationships, and reasonable administrative expenses are of central importance. The determination of the requirements to be fulfilled by the portfolio manager depends, in the first step, on the catalog of services required by the investors from the portfolio manager. 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