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Konzeption einer finanzwirtschaftlichen Bewertungssystematik für geschlossene Fonds in Verkaufsprospekten und Leistungsnachweisen

Hertel, Michael | Zorzi, Robin

Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 4: pp. 629–677

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Article Details

Author Details

Dipl. iur. oec. univ. Michael Hertel, Kernkompetenzzentrum Finanz- & Informationsmanagement, Universität Augsburg, Universitätsstraße 12, 86159

Dr. rer. pol. Robin Zorzi, Alumnus Kernkompetenzzentrum Finanz- & Informationsmanagement, Universität Augsburg, Universitätsstraße 12, 86159

Abstract

Development of a Valuation System for Closed-Ended Alternative Investment Funds in Sales Prospectuses and Performance Reports

The recent implementation of the European Alternative Investment Funds Managers Directive (AIFMD) into German law contains new information regulations for closed-ended alternative investment funds (AIF) in order to protect private investors. However, they hardly address a comprehensive presentation of financial product information due to the existing lack of operationalizing standards. Considering the new regulation of the German Capital Investment Statute Book (Kapitalanlagegesetzbuch – KAGB) and future standards of the German Institute of Auditors (IDW), this paper suggests a new valuation system for closed-ended AIFs for private investors based on cash flows and well-established finance methods. Thereby, the objective is to accomplish a higher level of product transparency and comparability. Using a data sample of real closed-ended AIFs, standards for the design of the financial information that has to be published to capital markets by emission houses are provided.