FERI expects demand for alternative investments such as private markets (private equity, infrastructure, real estate) and hedge fund investments to continue rising strongly in the coming years. FERI currently manages alternative investments exceeding 15 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 private markets (private equity, infrastructure, real estate) and hedge fund investments to continue rising strongly in the coming years. FERI currently manages alternative investments exceeding 15 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.
For us, your requirements and needs are the basis for planning and optimising your asset structure. We always keep an eye on all legal and tax aspects and try to bring about improvements for you. As we work strategically on a long-term basis, we place a strong focus on comprehensive future and succession planning. Foundation consulting is also part of our strategic asset structuring.
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.
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.
FERI uses the three-step manager check to assess the quality and performance of asset managers.
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 continuously developed it since the 1990s. Thanks to our extensive experience, self-developed research and analysing tools and the access to around 230 employees in all areas of the investment process, we create significant added value for our clients through our range of consulting 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.
Set this page to:
CONTACT
Telephone
Contact
FERI Trust GmbH

T +49 (0) 6172 916-3600
F +49 (0) 6172 916-9000
ft@feri.de


Rathausplatz 8-10
D-61348 Bad Homburg

Contact form

Thank you for your message. We come back to your request.

Failed to send the message!

Wrong input!

Telephone CONTACT
Contact CONTACT
Login
Languages
FERI Trust GmbH

+49 (0) 6172 916-3600
+49 (0) 6172 916-9000
ft@feri.de


D-61348Bad Homburg
Rathausplatz 8-10

Contact form

Thank you for your message. We come back to your request.

Failed to send the message!

Wrong input!

Set this page to:

Economics Update August 2022 – US economy: What the ECB could learn from the Fed


by Axel D. Angermann
  • GDP in the USA falls in the second quarter for the second time in a row
  • Aggressive monetary tightening shows effect
  • ECB lacks clarity in fight against inflation

The US economy shrank in the second quarter, for the second time in a row. According to popular opinion, the American economy is in recession. Whether this is really the case from an economic point of view is debatable - especially because the first quarter's decline was almost exclusively caused by a significant drop in exports, while domestic demand remained quite robust. The National Bureau of Economic Research will decide this dispute sometime next year. In any case, something else is important for assessing the current situation. The US economy has lost momentum so far this year: While consumption and investment still contributed 0.5 percentage points to economic growth in the first quarter, this value tipped into negative territory in the second quarter with 0.1 percentage points.

Fighting inflation needs staying power

The reason is clear: the tightening of monetary policy by the US Federal Reserve is now having the intended and necessary effect on inflation. For the reduction of exorbitantly high inflation rates towards the 2 percent target it is important that companies in the face of weaker demand can no longer easily pass on their increased costs to their customers and consequently also grant their employees lower wage increases. For the time being, however, prices and thus inflation rates in the USA continue to rise. Rental costs have recently made a significant contribution to this, which is not surprising in view of further increases in house prices. With the real estate market weakening overall, however, this development should soon come to an end.

Fed with a consistent line

The Fed, which had misjudged the inflation trend for a long time last year, has been gradually correcting its position since autumn 2021 and since spring 2022 at the latest has been putting its actions entirely at the service of fighting inflation. It accepted and still accepts negative rates of change in GDP and trusts that the lack of serious macroeconomic imbalances will limit the extent of the economic downturn. By the end of the year, the Fed has announced further interest rate hikes totalling 75 basis points, although in all likelihood economic development in the USA will remain very weak and possibly even negative in the second half of 2022.

ECB is challenged now

The ECB could learn from the Fed, because inflation rates are also exorbitantly high in the euro area, and the ECB is even primarily committed to the goal of price level stability (while the Fed also still has its eye on the labour market). Although the ECB took its first interest rate step in July (much too late), it deliberately left its further course of action open. Instead, it wants to decide from meeting to meeting "depending on the data" whether and to what extent it will raise interest rates. Since the miracle of a sudden fall in inflation will not happen in the euro area either, it is completely unclear which data should prevent the ECB from fulfilling its task with further interest rate hikes. It would therefore be better to follow the Fed's example of a clear line and communicate it in such a way that companies and consumers can adjust to it.


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 manage assets of about EUR 56.6 billion in the Group, including EUR 15.4 billion in alternative investments. The FERI Group is headquartered in Bad Homburg and has locations in Dusseldorf, Hamburg, Luxembourg, Munich, Vienna and Zurich.



Media relations contact

Katja Liese

Member of the Management Board

Head of Press & 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

Angermann Axel Presse 1125x1500px