Special funds

Special funds are funds for institutional investors. Special funds are generally designed and launched for one or several, but no more than 100 institutional investors. The investment policy of each special fund is geared towards the investor’s needs. There are standardised contractual terms for a wide variety of investor groups that take into account their particular investment requirements.

Special funds are efficient institutional investment instruments and offer investors significant advantages over alternative forms of investment:


Rationalisation – for example through the outsourcing of administration and all related activities and formalities.

Accounting – the investor only records the fund’s share price on the balance sheet and not the individual assets of the special fund

Taxes – within the special fund, share price gains and losses of the individual investments are offset. In some situations, the special funds allows for the formation of hidden reserves.

Costs – Due to trading volumes, special funds generally receive special conditions for securities transactions and bonuses for new issues. They also have more favourable cost structures compared with other investments (economies of scale with rising fund volumes).