Executive Summary

This report provides detailed information from institutional investors in Germany on expected shifts over the medium term in allocation changes.


During the 1st quarter of 2019, Greenwich Associates conducted in-depth interviews with 227 key decision-makers at the largest German institutional investors.

The 21st annual research study covers the largest German corporate, public, and industry-wide defined benefit, defined contribution and hybrid pension funds, banks, sparkassen, foundations and churches, insurance and reinsurance companies, sovereign pension reserve funds and other nonpension institutional investors including official institutions, central banks, monetary authorities, sovereign wealth funds, and supra-nationals.

For all markets where we conduct our research we interview institutions with over €150 million in externally-managed assets. Total assets captured in the Greenwich Associates Germany research are close to €1 trillion.

Of the 227 respondents, 95% allowed disclosure of their participation and 48% allowed attribution of their individual responses.