The management of a customer’s assets invested in financial instruments with its own scope for disposition and decision-making. In Germany, such service providers require a license and are subject to supervision by the Federal Financial Supervisory Authority. If an institution is permitted to take possession of customer funds or customer securities, it must have a certain amount of equity capital, as determined by the supervisory authority, and must also have two managing directors; see Section 10, Paragraph 9 of the German Banking Act. – See investment limit, epuration, portfolio management, asset manager. – Cf. 2006 Annual Report of BaFin, p. 133 (institutions licensed in Germany). BaFin Annual Report 2009, p. 177 (on the requirements for outsourcing financial portfolio management to a company domiciled in a third country), BaFin Annual Report 2010, p. 248 (ruling on financial portfolio management by a BGB company), and the respective BaFin Annual Report, chapter “Cross-Sectional Tasks.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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