After the implementation of the Alternative Investment Fund Managers Directive (AIFMD), entering the German investment market as non-German asset manager has become more difficult. On the other hand, the new German investment fund regime offers significant business opportunities. The role of German Master-KVGs, i.e. licensed and regulated fund management companies primarily focusing on administrative services rather than investment management functions, has become even more relevant as cooperation between (non-German) asset managers and such Master-KVGs is an attractive option to cope with the new regulatory requirements.
Our financial services team in Frankfurt has published a briefing which explains the relevance of Master-KVGs in the German asset management industry and summarises the most important commercial facts along with the relevant legal, regulatory and tax issues.
View Entering the German investment market as a non-German asset manager, September 2014