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| 2006 | 2007 |
2008 | 2009 | 2010 | |
| Real estate | 75.545 | 83.426 | 84.252 | 87.0764 | 85.7811 |
|
75.545 | 83.426 | 84.252 | 87.0764 | 85.7811 |
| Alternative management | 1.090 | 0.763 | 0.506 | 0.4067 | 0.3275 |
|
0.718 | 0.434 | 0.244 | 0.1488 | n.a |
|
0.371 | 0.329 | 0.262 | 0.2579 | n.a |
| Special funds | 665.246 | 691.621 | 635.220 | 711.3234 | 789.9964 |
| Other | n/a | n/a | n/a | n/a | n.a |
| Total | 741.881 | 775.810 | 719.978 | 798.8065 | 876.1050 |
Reference dates: end of year in each case
Source: BVI
| 2006 | 2007 | 2008 | 2009 | 2010 | |
| Real estate | -7,395.5 | 6,607.8 | 627.0 | 3,214.6 | 1,580.2 |
|
-7,395.5 | 6,607.8 | 627.0 | 3,214.6 | 1,580.2 |
| Alternative management | 509.6 | -340.9 | -210.8 | -102.8 | -74,7 |
|
476.9 | -285.2 | -172.7 | -77.1 | n.a. |
|
32.7 | -55.7 | -38.1 | -25.7 | n.a. |
| Special funds | 48,039.2 | 28,212.2 | 16,974.6 | 33,253.1 | 64,951.2 |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 41,153.3 | 34,479.1 | 17,390.8 | 36,364.9 | 66,4567 |
Reference dates: end of year in each case
Source: BVI
Within the area of home-domiciled non-UCITS, merely two fund categories are still setting the trend: property funds in terms of open-ended real estate funds, and special funds, the latter being accessible to institutional investors only.
Net assets of property funds remain nearly at constant since the end of 2007 which may be attributed to three reasons. First, their yearly performance ranging historically between 3 and 5 percent decreased to a rather poor level just around zero (as a mean) in 2010; second, there are but quite minor net sales if compared to net assets, and third, a couple of funds is frozen and/or will be liquidated in the years ahead. Nevertheless, the high quality of most of the funds prevented more serious damage to this market segment. Together with a bundle of improvements elaborated by the German government in co-operation with BVI, the preconditions for recovery and renewed growth of open-ended real estate funds in Germany are set, but have not yet generated visible effects.
By collecting investors’ money of about EUR bn 65, special funds gained the second best result in their history in terms of net sales. A similar figure was seen in 1999, while the year of 1998 marks a hitherto outstanding peak of EUR bn 68. Unlike in the 1990s, where these inflows may be partially regarded as results of structural shifts (technical unification of reporting, transforming mandates of discretionary portfolio management into the legal frame of investment funds), the recent growth is predominantly due to fresh money and significant proliferation of professional pension schemes and solutions.
