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COPYRIGHT 2005 Euromoney Institutional Investor PLC. Internal use only 10 copy limit. No further use w/o permission. Publisher@euromoneyplc.com.
Unique Characteristics
Germany has seen the emergence of tax-friendly fund of hedge funds certificates. Last year's implementation of the Investment Modernisation Act enabled retail investors to buy single manager hedge funds and funds of hedge funds. But the problem at present is all single hedge funds in these offerings need to be fully transparent, said Josef Altmann, head of global funds, Germany with BNP Paribas Asset Management. As a result, BNP Paribas plans to launch a fund of hedge fund certificate in the first half of the year, which will be tax-free if the client holds it for more than 12 months.
Overview
The German market continues to rebound from the losses sustained during the bear market, with mutual fund assets growing 5.4% and reaching a total of E459.1 billion (US$606 billion) by the end of 2004, compared to E436.3 billion in 2003. The rise came from a net inflow of...
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