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Alternative Market Briefing

As alts rise in Germany, managers run into a wall of regulation

Friday, November 16, 2018

Bailey McCann, Opalesque New York:

Institutional investors in Germany are taking a new look at alternatives, leading delegates at the recent Opalesque Germany Roundtable to call 2018 the 'year of the hedge fund', but it hasn't been easy. Alternative funds are tightly regulated in Germany and roundtable participants have suggested that it could lead to lower investment performance.

"The appetite among investors is somewhat divided," said Andreas Kalusche of $10 billion alternative investment firm Prime Capital. "Insurance companies in Germany are predominantly not investing in hedge funds. Pension funds of different kinds in Germany and across Europe and family offices are investing in hedge funds, and have continued to grow their allocation. This includes investments in funds of funds, the more traditional way of approaching the hedge fund sector, and also via advisory mandates where we have some discretion and are also in close interaction with the investors."

Prime Capital recently launched a second fund of funds vehicle in response to investor demand. Prime is also working on including a broader range of alternative strategies into the UCITS framework.Kalusche notes that there has also been considerable demand for liquid alternatives as more European investors hunt for yield.

Dr. Thomas Maier of German asset manager FERI Group agrees. He says that pension funds and private banks are increasing their allocations to alternative......................

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