German insurance companies currently hold €528bn in Spezialfonds, latest figures published by the German Investment Funds Association (BVI) have revealed.
Across the German fund industry, open-ended Spezialfonds received a total of €62bn in new money.
The BVI said open-ended Spezialfonds are the largest fund group with assets of €1,943bn. Together with discretionary mandates worth €529bn, almost two-thirds of the total AuM are attributable to purely institutional business.