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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+49 (0) 6172 916-3600
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Rathausplatz 8-10

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Economics Update June 2025 - Trump opens up an opportunity of the century for Europe

Bad Homburg, 6/3/2025
by Axel D. Angermann
  • Self-weakening of the USA prompts investors to search for “safe havens”
  • Importance of the euro for the global economy could increase
  • European Capital Markets Union is of utmost strategic importance

Since the 19th century at the latest, US policy has fluctuated in large waves between the aspiration to shape international relations as a leading global power - as in the decades following the Second World War - and a pronounced isolationism. With Trump's policy, the pendulum is clearly swinging in the latter direction. In a global economy with a high degree of division of labor, however, this leads to the USA weakening itself: the price-driving effects of customs policy are damaging the American economy, while the rigid migration policy and attacks on universities are undermining key pillars of competitiveness. The questioning of the independence of the Federal Reserve raises doubts about the reliability and predictability of policy and the renunciation of alliances diminishes the political weight of the USA in the world.

The consequences are already visible on the bond markets: global investors, who have willingly financed the USA's high current account deficit for decades, are increasingly questioning the safety of US government bonds. So far, this doubt has been expressed in moderately rising interest rates and thus still appears to be manageable. However, the US government's intention to allow the trillion-euro mountain of debt to continue to grow is exacerbating the situation, as the sustainability of US government finances is no longer guaranteed.

Flight from US government bonds: an opportunity for Europe

The “TINA” argument (“there is no alternative”) has so far stood in the way of a widespread flight from US government bonds. This is precisely where an opportunity opens up for Europe, or more precisely for the European Monetary Union. Today, the euro is already the second most important reserve currency in the world, albeit with a very large gap to the dollar, which remains the leader. The eurozone offers many things that are increasingly being called into question in the USA: an independent central bank, a reliable legal framework for companies, an open economy, democratic decision-making structures and, all in all, political stability. In the coming years, Europe will need significantly more capital for infrastructure modernization, higher research and development spending, improved international competitiveness, digitalization and, last but not least, climate protection. The chances are basically good that more capital will now flow into Europe, which would strengthen the role of the euro in the global structure.

Capital markets union of paramount strategic importance

However, Europe also lacks some things that the USA takes for granted. Above all, this includes a single capital market that is attractive and large enough for global capital flows. Completing the European Capital Markets Union should therefore be of paramount strategic importance for European governments and the EU Commission. In particular, significantly improved

financing opportunities for start-ups are also an important element for improving European competitiveness in the real economy. This was already clearly highlighted in last year's Draghi Report. It therefore seems highly desirable that nationally motivated, rather small-scale interests, such as those put forward by Germany in particular to date, are not overemphasized in the interests of the European cause. The monetary union has a once-in-a-century opportunity here that should not be squandered. Replacing the dollar as the global reserve currency is not a realistic goal for the euro for the time being. However, if global investor confidence in the dollar continues to erode, which seems entirely conceivable in view of Trump's agenda, then Europe could and should be able to offer global investors an alternative.


About Axel D. Angermann

As Chief Economist of the FERI Group, Axel D. Angermann analyzes the economic, monetary policy and structural developments of all markets that are important for asset allocation. His analyses form the basis for the strategic orientation of FERI's multi-asset strategy, for which the CIO of the FERI Group, Dr. Marcel V. Lähn, is responsible. Angermann himself has been responsible for FERI's analyses and forecasts for the overall economy and the international financial markets since 2008. He joined the company in 2002 as a macro 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

The FERI Group, headquartered in Bad Homburg, Germany, was founded in 1987 and has developed into one of the leading multi-asset investment houses in the German-speaking region. FERI offers tailor-made solutions for institutional investors, family assets and foundations in the business areas:

Founded in 2016, the FERI Cognitive Finance Institute acts as a strategic research center and creative think tank within the FERI Group, with a clear focus on innovative analyses and method development for long-term aspects of economic and capital market research.

Together with MLP, FERI currently manages assets of EUR 63 billion, including around EUR 18 billion in alternative investments. In addition to its headquarters in Bad Homburg, the FERI Group also has offices in Düsseldorf, Hamburg, Hanover, Munich, Luxembourg, Vienna and Zurich.



Media relations contact

Marcel Renné

Chairman of the Board & CEO

Rathausplatz 8-10

D-61348 Bad Homburg

Axel Angermann