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 18 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 18 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 250 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.
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D-61348 Bad Homburg

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+49 (0) 6172 916-3600
+49 (0) 6172 916-9000

D-61348 Bad Homburg
Rathausplatz 8-10

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FERI expects another positive financial year despite difficult market environment - Stagflationary dynamics will continue to occupy financial markets in 2023

Bad Homburg, 3/15/2023
  • Investment markets in 2023 shaped by interest rate tightening and US recession risks
  • Subdued global growth with geopolitics as uncertainty factor
  • Broad multi-asset approach essential for resilient portfolios
  • FERI increases business with alternative investments and keeps assets under management stable despite declining capital market development in 2022
  • Client base with institutional and high net worth private clients expanded

The weak global economy, considerable uncertainties about the further development of inflation and interest rates as well as ongoing geopolitical risks dampen the outlook for the financial markets. Investors are therefore challenged more than ever to build a robust and resilient portfolio. "The investment environment is currently very complex. China is sending the first moderate growth signals again after the Covid reopening. In the USA, on the other hand, there is a risk of recession if the FED continues to pursue a hard interest rate course. Europe, with its export-oriented economy, is caught between these two poles," said Dr. Heinz-Werner Rapp, Board Member and Chief Investment Officer of the Bad Homburg-based investment house FERI, at the annual press conference in Frankfurt.

Contradictory market environment with stagflationary risks

It is true that some global leading indicators have recently been pointing upwards again. However, it remains to be seen how sustainable this economic upswing is, especially since the major central banks are continuing their cycle of interest rate hikes for longer than previously thought. This threatens to solidify the complex stagflationary environment. The increased interest rate level is already burdening the real economy and capital markets. "Higher interest rates reduce the attractiveness of risk assets in terms of valuation. Against this background, shares in particular are not really good value at the moment, despite the massive drop in prices in the previous year, especially since profit risks are also increasing again," Rapp explained.

Resilient portfolio through diversified multi-asset allocation indispensable

"In a persistently complicated market environment, multi-asset allocation with active risk management is the best approach to make portfolios more resilient," explained Dr Marcel Lähn, Member of the Board of FERI AG. Investors should therefore diversify their capital investment through a targeted selection of alternative asset classes. This strategy also paid off in the historically poor investment year 2022 and enabled FERI to achieve above-average performance profiles in investment management. The positive development of commodities and gold as well as the robust performance of hedge funds and private market investments contributed to this. "Alternative investments have proven their worth especially in times of strong distortions on the financial markets. Against this backdrop, we will continue to expand our globally oriented multi-asset approach, which we have been successfully implementing in the portfolios of our institutional investors and high net worth private clients for many years," Lähn announced. Looking ahead to the investment year 2023, FERI is sticking to a broad-based multi-asset logic, he said. "We expect alternative investments to continue to make positive contributions to returns as well as pronounced effects on risk diversification. We are therefore focusing on selected investment strategies in this area with a focus on hedge funds and private markets," said Lähn.

Financial year 2022: FERI cushions effects of capital market development

The FERI Group was able to cushion the effects of the significant decline in the capital markets in the past financial year 2022: Assets under management remained almost stable at €54.3 billion (2022: €56.6 billion, both in the Group). As expected, total income fell to €217 million (previous year: €275 million) due to the fact that performance-based remuneration was largely eliminated as a result of market conditions. Earnings before interest and taxes (EBIT) of €28.3 million (previous year: €79.8 million) are back in line with the long-term growth trend of the last 5 years after the exceptional years 2020 and 2021.

"Alternative investments have once again gained in importance for professional investors in the past year," explained Marcel Renné, Chairman of the Management Board of FERI AG. This area alone grew by around 20 percent to a total of €18.4 billion at FERI 2022 (previous year: €15.4 billion). FERI also recorded a significant increase in demand in the business of advising institutional investors (investment consulting). With its long-standing and broad investment expertise in the field of alternatives and its globally oriented multi-asset approach, FERI is ideally positioned here.

In total, FERI manages more than 300 private assets (primarily families) and over 200 institutional investors such as professional pension funds or insurance companies. The number of new mandates increased by ten percent in 2022.

Positive start to 2023

According to FERI, 2023 will be another challenging year for the capital markets despite the strong start to the year. "We have taken advantage of the opportunities in this environment in the first few weeks, but remain vigilant about future developments in view of the existing risks," Marcel Renné emphasised. For its own business, FERI expects the long-term growth trend to continue in 2023. Future topics and the established FERI sustainability approach are playing an increasingly important role in the expansion of the range of services and consulting.

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 54 billion in the Group, including round about EUR 18 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

Marcel Renné

Chairman of the Board & CEO

Rathausplatz 8-10

D-61348 Bad Homburg