BaFin

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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 (Kapitalanlagegesetzbuch – KAGB).

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.

Details on authorisation

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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Publications on this topic

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