Topic Investment funds Asset management companies and investment funds

BaFin supervises German asset management companies (Kapitalverwaltungsgesellschaften) and investment funds offered by such companies under the German Investment Code (KapitalanlagegesetzbuchKAGB).

Investment funds include funds complying with the UCITS Directive, real estate funds, mixed funds, old-age provision funds, infrastructure funds, special funds and hedge funds, i.e. funds with additional risks.

In­vest­ment funds

Investment funds within the meaning of the KAGB include open-ended and closed-ended investment funds. While open-ended investment funds generally invest in financial instruments (with an exception being open-ended real estate funds), closed-ended investment funds tend to invest in physical assets.

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Hedge funds

Authorised German asset management companies may establish single hedge funds and funds of hedge funds in Germany. Funds of hedge funds may be approved as retail or special funds, while single hedge funds may only be approved as special funds.

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updated on 16.02.2017

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Additional information

Publications on this topic

Agen­da: Brex­it Work­shop for the As­set Man­age­ment Sec­tor

Agenda Brexit Workshop for the Asset Management Sector - 27 June 2017

Brex­it: BaFin work­shop for the as­set man­age­ment sec­tor

Collective asset managers and investment funds considering relocating to Germany can find out about BaFin's administrative and supervisory practice in Frankfurt am Main on 27 June.

BaFin com­pletes clos­et in­dex­ing in­ves­ti­ga­tion

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has completed its investigation into closet indexing having identified deficiencies in transparency. It therefore plans to increase transparency obligations for the investment fund industry and also published a consultation on the matter yesterday (only available in German). Furthermore, at present


Cross-ref­er­ence ta­ble on the ba­sis of sec­tion 331 of the In­vest­ment Code (Kap­i­ta­lan­lagege­set­zbuch – KAGB)

Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM pursuant to section 331 of the KAGB

Check list of doc­u­ments to be sub­mit­ted (KAGB)

Check list of documents to be submitted for notification of an appointment of a member of an administrative or supervisory body of an undertaking which is covered by the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB)

All documents