WEST PALM BEACH, FL (HEDGECO.NET) – The German Financial markets regulator, BaFin has given its approval to Germany�s first two hedge funds, to be marketed to German investors. A unit of DeutscheBank, DWS has been given the approval to begin issuing an umbrella of hedge fund of funds. The two new funds would be unveiled at the end of March, according to the released statement.
BaFin also said it is still reviewing another four German hedge fund applications, as well as two other hedge funds classified as foreign hedge funds. The new regulations were announced earlier in January this year; it granted hedge fund operators the permission to set up and market hedge fund portfolios in Germany.
The German regulator approved single hedge funds in February; the hedge fund asset management business in Germany is still in its infancy stages, according to published reports, only 1% of the German hedge fund management portfolios are dedicated to hedge funds. In the United States hedge fund portfolios account for about 5% of the total of US managed assets.
DWS Asset Management Company is the largest asset management company in Germany; the firm projects that its overall hedge fund management portfolios would grow to over US$1 billion in 2004. The total German hedge fund market is estimated at about US$12-16 billion. It is anticipated that the new hedge fund clarification laws would increase the hedge fund management obligations substantially.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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