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31 May 2012
Frankfurt am Main, Germany
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20 June 2012
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More German property funds to re-open - Union Investment's Kutscher
More German open-end property funds should re-open over the next few weeks but the sector still has to solve the problem of how to deal with institutional and private investors in one vehicle, says the chairman of the nation's second largest fund manager. Reinhard Kutscher told a panel at the Handelsblatt annual conference in Berlin the public and authorities are watching the situation carefully. German property OEFs have e86bn under management. A dozen closed after a run on redemptions last October in the wake of the Lehman Brothers collapse. But Kutscher said: "I anticipate that we will see more fund openings over the next few weeks and so this will start to normalise the situation." He did not provide names.