FERI expects demand for alternative investments such as infrastructure, property, private equity and hedge fund investments to continue rising strongly in the coming years. FERI currently manages alternative investments worth around 8,5 billion euros, making it one of the largest providers in Germany.

For more than 20 years, we have been offering our clients individually tailored risk management solutions. Market risks are actively managed according to risk and return parameters jointly defined in advance.  

In institutional asset management, FERI offers a broad range of asset management services for institutional investors. Our investment specialists have many years of experience in all asset classes and follow a multi-asset approach ranging from the development and implementation of individual investment strategies to quantitative risk management and control.

FERI expects demand for alternative investments such as infrastructure, property, private equity and hedge fund investments to continue rising strongly in the coming years. FERI currently manages alternative investments worth around 8,5 billion euros, making it one of the largest providers in Germany.

For more than 20 years, we have been offering our clients individually tailored risk management solutions. Market risks are actively managed according to risk and return parameters jointly defined in advance.  

FERI is a byword for comprehensive, individual, transparent and sustainable advice and support for private clients. With over 30 years of experience, we offer private investors a wide range of asset management services.

Sustainability is not only a socio-political imperative. For FERI, it also includes a clear commitment to shared social responsibility as a financial services provider. This is why FERI places the sustainable development goals (SDGs) defined by the United Nations General Assembly (UN) at the forefront of sustainability considerations in all its investment solutions and advisory services. 

With the help of an asset liability management study, FERI can show you whether a financing system in its current form is sustainable and whether sufficient risk carriers are available or whether a modification of the system is advisable.

During the transition to a sustainable future, FERI guides and supports you in the implementation of a sustainability concept and in the implementation and further development of existing solutions.

FERI’s comprehensive support ranges from optimal asset allocation and investment planning to appointing managers, reporting, monitoring and controls. Clear structures always ensure well-documented decisions and transparent investments.

FERI carries out a cost check in three steps and determines the costs for mandates, depositaries and investment management. In times of persistently low interest rates, these are a key factor in the performance of any portfolio.

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FERI evaluates current portfolios in terms of expected returns and risk and checks whether the allocation still meets the requirements regarding yield and available risk budget. In addition, FERI presents you with alternative portfolios that promise higher returns with the same risk or offer similar opportunities for returns with reduced risk.

To ensure the success of the investment, FERI provides guidance on risk management processes. These range from the preparation of a risk manual and risk inventory to regular reporting and commentary.

In order to identify the risk sources and their distribution in the portfolio of an investment, FERI prepares a risk sheet, which makes this information transparent and clear. It clearly shows what share of the overall risk is attributable to the individual investment funds, segments and asset classes.

FERI offers its clients the entire process of investment consulting and has been continuously developing it since the 1990s. Thanks to its extensive experience, self-developed systems and access to almost 200 employees in all areas of the investment process, FERI creates significant added value for its clients through its range of consulting services.

The FERI family office is the strategy advisor for your assets. We offer services ranging from strategic asset planning, implementation consulting and results monitoring and controls, through risk management and asset protection strategies to sustainability consulting. 

Sustainability is not only a socio-political imperative. For FERI, it also includes a clear commitment to shared social responsibility as a financial services provider. This is why FERI places the sustainable development goals (SDGs) defined by the United Nations General Assembly (UN) at the forefront of sustainability considerations in all its investment solutions and advisory services. 

Asset allocation – an overview of the latest market developments. FERI offers optimal, quantitative and qualitative support for decision-making, both in terms of strategic and tactical asset allocation.

FERI’s economic expertise is used in high-profile companies for operational planning and market research and in numerous banks for risk management from an industry perspective. We offer our clients the following services: worldwide economic data; global macro research; global economic, interest rate and currency forecasts; country and sector outlooks; FERI sector rating.  

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FERI Economics Update June 2020 - Rising Danger of a No-Deal-Brexit

Bad Homburg, 06/03/2020
from Axel D. Angermann, FERI
  • Deadline for extending negotiations expires at the end of June
  • Without an exit deal, Great Britain is threatened with another severe recession
  • Economic recovery in the EU countries would also be massively impaired

The economic recovery hoped for the second half of the year and beyond will also depend on factors that are currently given too little attention. These include the increasing risk of an unregulated withdrawal of the UK from the EU internal market at the turn of the year 2020/2021. It was unlikely from the outset that a comprehensive free trade agreement could be negotiated and agreed by then, but under the conditions of the Corona pandemic this is now definitely ruled out. So there are exactly two possibilities: Either the general rules of the WTO will apply to the UK's relationship with the EU from 1 January 2021 on, or the time  for negotiations will be extended. The latter requires a corresponding request from the British government by June 30th. This is not to be expected, as the British government categorically ruled out a longer transitional period after leaving the EU and even enshrined this in a law.

No-Deal-Brexit Would Hit Britain Hard

In fact, such a scenario would mean a No-Deal-Brexit. In this case, numerous scenario calculations have already predicted a severe recession for the UK in the past, because about half of foreign trade would be subject to severe disruptions and there would be large-scale relocation of parts of companies from the UK to other countries. This deliberately accepted recession would affect a country with a severely weakened economy: As a result of the measures taken to combat the pandemic, British GDP is likely to collapse by around 16 percent by mid-2020. Even in the event of an economic recovery in the second half of the year, economic output in the fourth quarter of 2020 is still likely to be 5 percent below the level of the previous year. From this low level, the trend would again be downwards. The result would be a double-dip recession, i.e. a W-shaped development of the British economy. The immediate consequence would be a drastic fall in the value of the British currency, which, as in 2017, would cause inflation to climb to more than 3 per cent. Even at the end of 2021, British economic output would still be at least 3 per cent below the level before the outbreak of the Corona pandemic.

Hardliners Press for EU Withdrawal

One would think that, given such prospects, a government would do its utmost to avoid the No-Deal-Brexit. This would still be possible after June 30th, because the EU would certainly not refuse a British request for renewed negotiations. It is more likely that the numerous hardliners in government will prevail, who, for ideological reasons alone, are seeking a permanent withdrawal from the EU, even if they would have to suppress or deny the foreseeable consequences.

EU's Hands Are Tied

For its part, the EU economy would also suffer a negative exogenous shock. The 0.2 percentage point drop in economic growth forecast so far is likely to be too low given the critical economic situation in most EU countries. However, the EU's hands are tied in averting a No-Deal-Brexit even, as the book of action is currently exclusively in London. The EU could not and should not exaggerate its demand for the UK to comply with EU standards in labour law and environmental protection, as this would strengthen the position of the hardliners in London and ultimately damage its own competitiveness.


About Axel D. Angermann

As Chief Economist of the FERI Group, Axel D. Angermann analyses the economic and structural developments of all markets that are important for asset allocation. This data forms the basis for the strategic orientation of FERI's asset investments.

Angermann has been responsible for the analyses and forecasts prepared by FERI for the overall economy and individual sectors since 2008. He joined the company in 2002 as an industry analyst. His professional career began at the Max Planck Institute for Economics and the German Chemical Industry Association. Angermann studied economics in Berlin and Bayreuth.


About FERI

Founded in 1987 and headquartered in Bad Homburg, Germany, the FERI Group has developed into one of the leading investment houses in the German-speaking area. FERI offers tailor-made solutions for institutional investors, family assets and trusts in the following areas:

The FERI Cognitive Finance Institute was formed in 2016. It is the strategic research centre and creative think tank of the FERI Group. The Institute focuses on innovative analyses and the development of methods for long-term oriented economic and capital market research. 

FERI and MLP currently have assets of EUR 39.2 billion under management. A total of EUR 8.5 billion of these assets are alternative investments. The FERI Group is headquartered in Bad Homburg and has offices in Dusseldorf, Hamburg, Luxembourg, Munich, Vienna and Zurich.



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Katja Liese

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Corporate Strategy, Marketing and Communications

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Rathausplatz 8-10

D-61348 Bad Homburg

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Member of the Management Board
Corporate Strategy, Marketing and Communications

T +49 (0) 6172 916-3192
F +49 (0) 6172 916-1192
presse@feri.de

FERI AG
Rathausplatz 8-10
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Katja Liese
Member of the Management Board
Corporate Strategy, Marketing and Communications

T +49 (0) 6172 916-3192
F +49 (0) 6172 916-1192
presse@feri.de

FERI AG
Rathausplatz 8-10
D-61348 Bad Homburg

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