36. See Bundesverbands Investment und Asset Management e.V. (BVI) online statistics. Total volume of German securities’ market by the end of 2005 - €1.426 billion.
37. See Bundesverbands Investment und Asset Management e.V. (BVI) online statistics.
38. See Bundesverbands Investment und Asset Management e.V. (BVI) online statistics. Total volume of German mutual fund market by the end of 2005 - €545 billion.
«Mutual Fund»: There are two common types of mutual funds in Germany, Switzerland and Austria. So called «Publikumsfonds» is open to retail investors and institutional investors.
Retail investors usually hold the majority in these «Publikumsfonds». But the exact percentage of institutional versus retail investments in «Publikumsfonds» is unknown as banks in
Germany and Switzerland do not collect data on this aspect. A second type of mutual fund is the «Spezialfonds» which is a kind of mandate for several institutional investors. These
«Spezialfonds» are treated as mandates in this report.
Figure 23: Sri in germany, December 31St, 2005
cOre Sri: €3 billion
brOaD Sri: €5.3 billion
Source: Forum Nachhaltige Geldanlagen, Eurosif
Key FeatureS OF Sri
SRI initiatives in Germany evolved in the 1970s from the
ecological and pacifist movements. Since then, institutional
investors, such as churches and insurance companies, have
helped foster trends in SRI. From 2002 onwards the German
government has enacted disclosure regulations for pensions
to encourage SRI.
German investment companies and banks manage SRI assets
of more than €5.3 billion within Germany. The total volume of
capital in German investment companies came to €1.3 trillion
in 2005,36 with SRI assets representing approximately 0.3%.
SRI mandates reached €2.4 billion by the end of 2005.
The share of SRI mandates in comparison to the total
amount of mandates managed in exclusive mutual funds
for institutional investors – so called «Spezialfonds» - in
Germany is about 0.4%.37
German SRI mutual funds (open to both retail and