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50 YEARS<br />
Society of Investment Professionals in Germany<br />
Annual Report 2010
Annual Report 2010_<br />
Society of Investment Professionals in Germany
Imprint<br />
Publisher: <strong>DVFA</strong> e.V.<br />
Mainzer Landstraße 47a<br />
60329 Frankfurt am Main<br />
Tel.: 069 | 264848-0<br />
Fax: 069 | 264848-488<br />
Mail: info@dvfa.de<br />
Web: www.dvfa.de<br />
Development and Text: <strong>DVFA</strong> GmbH<br />
Chief Editor: Ralf Frank | Dr. Peter König<br />
Editing: Natascha Bingenheimer<br />
Design: ReichDesign | Frankfurt/M.<br />
Print: Ph. Reinheimer | Darmstadt<br />
This publication and all parts thereof<br />
are copyrighted. Any use beyond the<br />
scope of the German Copyright Act<br />
(Urheberrechtsgesetz - UrhG) without<br />
the express permission of the <strong>DVFA</strong><br />
is prohibited and punishable by law.<br />
This applies in particular to copying,<br />
translating, microfilming and electronic<br />
storage and processing.
contents<br />
<strong>DVFA</strong> e.V.<br />
The Board<br />
Report of the Board ______________________________________________________________________________ 05<br />
Members of the Board ___________________________________________________________________________ 07<br />
The Society<br />
Members of the Advisory Board ________________________________________________________________ 08<br />
Corporate Sponsors of <strong>DVFA</strong> ____________________________________________________________________ 08<br />
<strong>DVFA</strong> Representatives and Honorary Members ______________________________________________ 09<br />
Feature: <strong>DVFA</strong> celebrates its 50th anniversary ______________________________________________ 10<br />
Feature: Members’ Meeting ____________________________________________________________________ 13<br />
Commissions and Expert Groups ______________________________________________________________ 14<br />
Feature: <strong>DVFA</strong> Clubs _____________________________________________________________________________ 15<br />
Activities of the Commissions<br />
<strong>Equities</strong> _____________________________________________________________________________________________ 16<br />
Feature: <strong>DVFA</strong> and Germany’s SMEs ___________________________________________________________ 20<br />
Fixed Income ______________________________________________________________________________________ 22<br />
Feature: Alumni Network _________________________________________________________________________ 23<br />
Asset Management _______________________________________________________________________________ 24<br />
Panel on Financial Market Communication __________________________________________________ 26<br />
Feature: Integrated Reporting ___________________________________________________________________ 28<br />
Panel on Financial Market Regulation ________________________________________________________ 30<br />
Feature: Investor protection and improve operation of the capital market _________________ 31<br />
EFFAS/ACIIA<br />
Annual General Meeting _________________________________________________________________________ 32<br />
EFFAS Summer School __________________________________________________________________________ 34<br />
ACIIA ________________________________________________________________________________________________ 35<br />
<strong>DVFA</strong> e.V. Annual Financial Statements ______________________________________________________ 36<br />
<strong>DVFA</strong> GmbH<br />
Table of Contents_<br />
Report of the Management _____________________________________________________________________ 38<br />
<strong>DVFA</strong> GmbH Annual Financial Statements ___________________________________________________ 40<br />
Feature: <strong>DVFA</strong> Graduation Ceremony 2010 ____________________________________________________ 42<br />
Feature: German Investment Consultant Conference _________________________________________ 43<br />
Feature: EFPA ______________________________________________________________________________________ 44<br />
Feature: Wealth Management ___________________________________________________________________ 45<br />
Feature: Risiko Management ____________________________________________________________________ 47<br />
Appendix ____________________________________________________________________________________________ 48<br />
03
“ Through our international membership network, <strong>DVFA</strong>,<br />
beyond a doubt a German organisation, offers the<br />
necessary global reach that is so crucial for professionals<br />
in the capital markets.
the board<br />
Ladies and Gentlemen, Dear Members,<br />
Report of the Board_<br />
The year 2010 was clearly shaped by events to mark the <strong>DVFA</strong> anniversary. With a festive<br />
affair in October, we hosted nearly 400 guests to celebrate the first half century of the<br />
Society. The commemorative publication released for the same occasion covers numerous<br />
facets, with more than 40 articles written by industry experts, reflecting the broad range<br />
of activities pursued by <strong>DVFA</strong> and its members. The spectrum extends from answers to<br />
new challenges in asset management, financial analysis, accounting and the fixed income<br />
segment, to issues of corporate governance, financial communication, ethics and regulation,<br />
and even encompasses economic paradigms for the future. The volume clearly<br />
demonstrates that, since the very beginning, the work of <strong>DVFA</strong> has revolved around the<br />
fascinating point at which capital market theory meets practice. All members were provided<br />
with a copy of the publication.<br />
Our Commissions and Expert Groups also look back on a successful year in 2010. In<br />
the <strong>Equities</strong> division, the Small Cap Expert Group and Commission Life Science were<br />
very active: The small cap experts are working intensively on reporting standards for<br />
small and midcaps, while the life science group released the well-received publication<br />
‘Life Science in the Capital Market – Biosimilars’. The conference calendar was full last<br />
year, with events addressing a wide array of topics before large crowds of participants.<br />
I must also mention the publication ‘KPIs for ESG’, which – carrying the endorsement<br />
of EFFAS – has been recognised by DG Enterprises and the EU Commission as a European<br />
Sustainability Standard. As a rapid reaction to the growing presence of small and<br />
medium-sized enterprises in the market for fixed income securities, the Expert Group<br />
Bond Communication has drafted a list of communication guidelines for issuers of corporate<br />
bonds. These ‘Minimum Standards for Bond Communication’ have been adopted<br />
by Deutsche Börse, which uses them as guidelines for new issues after opening a new<br />
Entry Standard for bonds at the end of January 2011.<br />
The Finance Academy was enlarged in 2010 to include the new postgraduate programme<br />
CRM Certified Risk Manager, which is being offered in partnership with Frankfurter<br />
Institut für Risikomanagement und Regulierung (FIRM). The financial management programme<br />
Certified Financial Manager has received accreditation from the European<br />
Financial Planner Association (EFPA), which set up EFPA Deutschland e.V. at the end of<br />
October to represent it in Germany. <strong>DVFA</strong> is a founding member of the organisation, and<br />
Dr. Peter König serves as Deputy Chairman.<br />
05
06<br />
the board<br />
Through our international membership network, <strong>DVFA</strong>, beyond a doubt a German organisation,<br />
offers the necessary global reach that is so crucial for professionals in the<br />
capital markets. The CIIA, for instance, is not a national <strong>DVFA</strong>-specific qualification. It<br />
is offered by <strong>DVFA</strong> on behalf of a worldwide organisation.<br />
Our work in EFFAS, the training and qualification organisation ACIIA, the new cooperation<br />
with EFPA, and recognition of the work by the <strong>DVFA</strong> Commission on ESG by the European<br />
Commission demonstrate the scope of our international relationships. <strong>DVFA</strong> also acts as<br />
representative for the European umbrella association in Germany.<br />
Over the past year, several <strong>DVFA</strong> Clubs met to examine aspects of the financial market<br />
crisis. The <strong>DVFA</strong> Club events, which offer our members the ability to inform themselves<br />
about current events while meeting in an informal atmosphere, have been met with<br />
enthusiastic support. This is all the motivation we need to further develop the format.<br />
Near the end of 2010, the Society founded the non-profit ‘Gemeinnütziges <strong>DVFA</strong> Institut für<br />
Finanzstudien gGmbH’, which aims to promote academics and research, carry out scholarly<br />
programmes and projects on financial topics. A further objective of the new non-profit<br />
is to support the stated mission of the Society to ‘promote public awareness of and<br />
strengthen confidence in capital markets.’ The new gGmbH is to be funded via grants.<br />
We would also like to take a moment to remember our honorary member Professor Dr.<br />
Dr. h.c. Carsten Claussen, who passed away in 2010. Prof. Claussen was a participant<br />
at the founding meeting of the Society. Until shortly before his death, he actively took<br />
part in our activities and advised <strong>DVFA</strong> as an expert in the field of equity reporting legislation.<br />
His main interest was in establishing ethical principles and assuring integrity<br />
among <strong>DVFA</strong> investment professionals.<br />
<strong>DVFA</strong> has 1,283 individual members and 13 corporate sponsors.<br />
Report of the Board_<br />
The <strong>DVFA</strong> e.V. 2010 annual financial statements were audited by Ebner Stolz Mönning<br />
Bachem GmbH & Co. KG and received an unqualified opinion.<br />
The Board warmly thanks all of the Commissions and Expert Groups for their commitment,<br />
as well as the <strong>DVFA</strong> administrative team for their tireless support of <strong>DVFA</strong> e.V.<br />
Frankfurt, March 2011 <strong>DVFA</strong> e.V. Board
the board<br />
Fritz H. Rau<br />
<strong>DVFA</strong> e.V., Chairman,<br />
Financial Market Regulation<br />
Frank Klein<br />
DB Advisors<br />
Asset Management<br />
Ingo Mainert<br />
Allianz Global Investors/RCM<br />
Asset Management<br />
Dr. Peter Merk<br />
LB Baden-Württemberg<br />
Deputy Chairman, Fixed Income<br />
Stefan Bielmeier<br />
DZ BANK AG<br />
Fixed Income<br />
Gunnar Miller<br />
Allianz Global Investors/RCM<br />
<strong>Equities</strong><br />
Members of the Board_<br />
Andreas Heinrichs<br />
Vontobel Securities AG<br />
Secretary, <strong>Equities</strong><br />
Guido Hoymann<br />
B. Metzler seel. Sohn & Co. KGaA<br />
<strong>Equities</strong><br />
Michael Schmidt<br />
Union Investment Privatfonds<br />
Asset Management<br />
07
08<br />
the society<br />
Members of the Advisory Board<br />
(as of March 2011)<br />
<strong>DVFA</strong> Corporate Sponsors<br />
Claus Döring<br />
Börsen-Zeitung, Chief Editor<br />
Norbert Enste<br />
Enste/PCG Asset Management GmbH, Managing<br />
Director<br />
Nils Frowein<br />
AWD Holding AG, Deputy Chairman<br />
Lars Hille<br />
DZ BANK AG, Management Board<br />
Dr. Lutz R. Raettig<br />
Morgan Stanley AG, Supervisory Board Chairman<br />
Dr. Johannes J. Reich<br />
B. Metzler seel. Sohn & Co. Holding AG, Partner<br />
Dr. Hans Reckers<br />
Member of the Executive Board of the Deutsche<br />
Bundesbank ret.<br />
Michael Reuther<br />
Commerzbank AG, Management Board<br />
Advisory Board & Corporate Sponsors_<br />
Peter Roemer<br />
Deutsche Asset Management Investment GmbH,<br />
Speaker of the Management Board<br />
� Bayerische Landesbank Girozentrale<br />
� BHF-BANK AG<br />
� Commerzbank AG<br />
� Deutsche Apotheker- & Ärztebank eG<br />
� Deutsche Börse AG<br />
� DZ BANK AG<br />
� HSBC Trinkaus & Burkhardt AG<br />
Prof. Dr. Dr. h. c. Uwe Schneider<br />
Johannes-Gutenberg-Universität Mainz, Director<br />
of the Institute For German and International<br />
Banking Law<br />
Dr. Zeno Staub<br />
Bank Vontobel AG, Management Board<br />
Wolfgang Stertenbrink<br />
Alte Leipziger-Hallesche, Management Board<br />
Chairman<br />
Hans-Joachim Strüder<br />
LB Baden-Württemberg, Management Board<br />
Werner Taiber<br />
WestLB AG, Management Board<br />
Andreas Utermann<br />
Allianz Global Investors AG, Management Board<br />
Jens Wilhelm<br />
Union AssetManagement Holding AG,<br />
Management Board<br />
Bernd Zens<br />
DEVK-Versicherungen, Management Board<br />
� Jungheinrich AG<br />
� Landesbank Baden-Württemberg<br />
� R+V Versicherung<br />
� RCM Allianz Global Investors AG<br />
� Vossloh AG<br />
� WestLB AG
the society<br />
Representatives National<br />
Representatives International<br />
Representatives ACIIA<br />
Representatives EFFAS<br />
Representatives ILPIP<br />
Internal Dispute Settlement<br />
Honorary Members of <strong>DVFA</strong><br />
<strong>DVFA</strong> Representatives & Honorary Members_<br />
Exchange Council of the Frankfurt Stock Exchange __________________ Heinz-Jürgen Schäfer<br />
DRSC - German Standardization Council _______________________________________ Norbert Barth<br />
DRSC - Working Group on Classification of items as equity or liabilities ____ Sigrid Krolle<br />
DRSC - Working Group Fair Value __________________________________________ Michael Schickling<br />
EFPA Deutschland - Executive Board ______________________________ Dr. Peter König, Ulf Mayer<br />
Federal Financial Supervisory Authority (BaFin) Advisory Board __________ Dr. Peter König<br />
FIRM - Advisory Board ____________________________________________________________ Dr. Peter König<br />
Frankfurt Main Finance __________________________________________________________ Dr. Peter König<br />
GAMSC - German Asset Management Standards Committee ______________ Dr. Peter König<br />
XBRL e.V. _________________________________________________________________________________ Ralf Frank<br />
GIPS - RIPS EMEA ____________________________________________________________ Martin Schliemann<br />
EFRAG Insurance Accounting Working Group (IAWG) ___________________ Dr. Carsten Zielke<br />
IASB Insurance Working Group __________________________________________________ Norbert Barth<br />
IASCF XBRL Advisory Committee ____________________________________________________ Ralf Frank<br />
IASB Joint International Group on Performance Reporting ____________ Hans-Joachim Pilz<br />
IIRC International integrated Reporting Committee ______________________________ Ralf Frank<br />
XBRL International Best Practice Board ____________________________________________ Ralf Frank<br />
ACIIA Council ___________________________________________________________________________ Fritz H. Rau<br />
International Examinations Committee (IEC) ____________________ Prof. Dr. Raimond Maurer<br />
Commission on ESG Environmental, Social, Governance Issues (CESG) _______ Ralf Frank<br />
Market Structure Commission (MSC) __________________________________________ Dr. Peter König<br />
Training and Qualification Commission (TQC) ________________________________ Dr. Peter König<br />
ILPIP Council _______________________________________________________________________ Dr. Peter König<br />
Arbitration Panel:<br />
Dr. h.c. Gerd Nobbe __________ Chairman<br />
Judge (Ret.) German Fed. Court of Justice<br />
Dr. Jürgen Callies _________________ Arbiter<br />
Helmut Mader _______ _____________ Arbiter<br />
Margot Schoenen _______ Deputy Arbiter<br />
Christian Strenger ______ Deputy Arbiter<br />
Michael Hauck, Dr. Peter Maurer<br />
Ethics Panel:<br />
Thomas Sagebiel _____________ Chairman<br />
Presiding Judge Frankfurt Higher Regional Court of Appeals<br />
Thomas Neisse __________ Panel Member<br />
Rudolf Symmank ________ Panel Member<br />
Bruno Hidding __ Deputy Panel Member<br />
Dr. Lars Slomka _ Deputy Panel Member<br />
09
10<br />
featu <strong>DVFA</strong> celebrates its 50 <strong>Equities</strong>_<br />
th anniversary_<br />
<strong>DVFA</strong> celebrates its 50 th anniversary<br />
On 26 October 2010, <strong>DVFA</strong> held a celebration to mark its 50-year anniversary. Nearly 400 guests were assembled at<br />
the IHK in Frankfurt to help commemorate the occasion.<br />
In his opening address, after a look back over the past 50 years of the Society, <strong>DVFA</strong> Chairman Fritz H. Rau focussed<br />
on the topics that will characterise the work of organisation in the future. ‘Implementation and continual re-examination<br />
of ethical principles along with qualification for the profession are key to our work. Integrity and qualification are<br />
two sides of the same coin. Each depends on the other!’<br />
On behalf of the City of Frankfurt and Spokesman of the Executive Committee of Frankfurt<br />
Main Finance, Dr. Lutz R. Raettig praised the accomplishments of <strong>DVFA</strong> over the years.<br />
‘Thanks to <strong>DVFA</strong>, Frankfurt’s financial community has enjoyed astounding development<br />
over the past 50 years.’<br />
Thomas Neiße, President of Bundesverband Investment und Asset Management e.V. (BVI),<br />
expressed hope in his speech, ‘that <strong>DVFA</strong> and BVI will work even more closely going forward<br />
to promote the success of financial centre Frankfurt and identify new fields for cooperation<br />
with one another. The people of BVI, at any rate, would be very pleased at this.’<br />
The event’s keynote speaker was Prof. Dr. Norbert Walter, who addressed the crucial<br />
integrative role played by <strong>DVFA</strong> in training and qualification, in Germany and at EU level.
featu <strong>DVFA</strong> celebrates its 50 <strong>Equities</strong>_<br />
th anniversary_<br />
‘Make use of the rich biotope of education. To me, the most important capability of <strong>DVFA</strong><br />
is its promotion of professionalism and independence as inherent values – in a way that<br />
transcends national boundaries.’<br />
The anniversary celebration offered a festive framework for the first-ever awarding of<br />
the <strong>DVFA</strong> Medal of Honour, of which Prof. Dr. Norbert Walter was the inaugural recipient.<br />
Fritz H. Rau, in his congratulatory speech, said that Dr. Walter had been a prominent<br />
voice for more than two decades, often contributing trenchant advice on key economic<br />
and financial market developments. He also emphasised that the remarks by Prof. Dr.<br />
Norbert Walter were invariably characterised by intense analytical acuity.<br />
Michael Hauck was also recognised for his life’s<br />
work, not only in relation to the founding of <strong>DVFA</strong>.<br />
Mr. Hauck, it was said, helped shape Frankfurt’s<br />
financial centre through a profound commitment to<br />
capital market transparency and qualification of<br />
investment professionals. He was also commended<br />
for his promotion of integrity, as part of <strong>DVFA</strong> and in<br />
his numerous other functions and diverse initiatives.<br />
Claus Döring, Chief Editor of Börsen Zeitung, was on<br />
hand as the eloquent and entertaining host of the<br />
event.<br />
11
12<br />
featu <strong>DVFA</strong> celebrates its 50 <strong>Equities</strong>_<br />
th anniversary_<br />
Commemorative publication ‘Kapitalmarkt in Theorie und Praxis’<br />
To mark the occasion of its 50 th anniversary, <strong>DVFA</strong> put together a commemorative<br />
publication on the theories and realities of the capital market entitled, ‘Kapitalmarkt<br />
in Theorie und Praxis’ (‘Capital market theories and realities’).<br />
It is a collection of essays from more than 40 respected authors on the future of Research,<br />
Asset Management, Regulation and Accounting, for use by both professional capital<br />
market experts and academics. Fritz H. Rau stressed: ‘We deem it important to bridge<br />
the gap between theory and practice – a guiding ambition that our society of investment<br />
professionals has had from the very start.’
featu Annual Member's Meeting_ <strong>Equities</strong>_<br />
Annual General Meeting 2010 elects new board members<br />
On 26 May 2010, the <strong>DVFA</strong> Members’ Meeting elected Stefan Bielmeier of DZ BANK AG, Guido Hoymann of B. Metzler seel. Sohn<br />
& Co. KGaA and Michael Schmidt of Union Investment Privatfonds GmbH as new members of the Board of <strong>DVFA</strong> e.V.. Stefan<br />
Bielmeier will join the Fixed Income section, Michael Schmidt will work in Asset Management and Guido Hoymann support the<br />
Society in the area of <strong>Equities</strong>.<br />
The sitting board members: Fritz H. Rau (Chairman), Dr. Peter Merk (Deputy Chairman Fixed Income) of Landesbank Baden-<br />
Württemberg, Andreas Heinrichs of Vontobel AG (Secretary, <strong>Equities</strong>), Frank Klein of DB Advisors (Treasury, Asset Management),<br />
Ingo Ralf Mainert (Asset Management) of RCM/Allianz Global Investors KAG and Gunnar Miller (<strong>Equities</strong>) of RCM/Allianz Global<br />
Investors KAG, were reelected by<br />
the Members’ Meeting.<br />
Winfried Becker, after 8 years as<br />
a member of the Board, Klaus<br />
Holschuh after 6 years and Ernst-<br />
Ludwig Drayß after 4 years requested<br />
that their names be withdrawn<br />
from balloting.<br />
From left to right: Stefan Bielmeier (DZ BANK AG), Guido Hoymann (B. Metzler seel. Sohn & Co. KGaA), Michael Schmidt (Union Investment Privatfonds GmbH)<br />
Impressions from the Garden Party<br />
13
14<br />
the society<br />
u<br />
u<br />
u<br />
u<br />
u<br />
EQUITIES FIXED INCOME ASSET MANAGEMENT<br />
CRUF-DE<br />
[Corporate Reporting User Forum]<br />
Expert Groups Financial Reporting<br />
[Banks, Insurance, Real Estate]<br />
Expert Group Corporate Transaction<br />
& Valuation<br />
Expert Group Fairness Opinions<br />
Expert Group Small Caps<br />
Commission Life Science<br />
Commission on Effective Financial Market Communication<br />
Expert Group: Bond Communication<br />
u<br />
u<br />
u<br />
u<br />
Commission on Standards for Investment Research<br />
Overview of <strong>DVFA</strong> Commissions & Expert Groups_<br />
Fixed Income Forum<br />
Commission Rating Standards<br />
Expert Group: Rating-relevant<br />
aspects of mezzanine financing<br />
Expert Group: Rating-relevant<br />
aspects of IFRS adoption<br />
Expert Group: Rating standards<br />
for ABS<br />
Expert Group: Use of rating scales<br />
FINANCIAL MARKET COMMUNICATION PANEL<br />
u<br />
FINANCIAL MARKET REGULATION PANEL<br />
u<br />
u<br />
Asset Management Forum<br />
Commission Investment<br />
Performance Standards<br />
Expert Group: Leverage<br />
Expert Group: Assets under<br />
management<br />
Commission on Non-Financials<br />
Expert Group: Corporate Governance<br />
Code Commission
featu <strong>DVFA</strong> Club +++ <strong>DVFA</strong> Club +++ <strong>DVFA</strong> <strong>Equities</strong>_ Club_<br />
<strong>DVFA</strong> Club [Feb 2010] u<br />
Prof. Dr. Uwe H. Schneider<br />
<strong>DVFA</strong> Club [May 2010] u<br />
Dr. Udo Milkau<br />
‘Ethics and responsibility in the financial industry – Part II’<br />
On 01 February, <strong>DVFA</strong> invited participants to attend its first Club event of 2010.<br />
‘Ethics and responsibility in the financial industry - Part II’ was a thematic continuation<br />
of the event in September 2009. Peter König hosted the evening, Prof. Dr. Uwe H.<br />
Schneider, Institut für internationales Kreditrecht, presented eight topics for discussion.<br />
Referencing the prior <strong>DVFA</strong> Club event ‘Ethics and responsibility in the financial industry<br />
– Part I’, Prof. Schneider said that it was not plausible to define the capital market<br />
as an 'ethics-free zone’. The financial crisis, he said, was proof to the contrary, as is the<br />
existence of numerous other ethical standards. The financial crisis also coincided with<br />
a political crisis with a legal Renaissance. Schneider seemed to prefer the model of self<br />
regulation and spoke of ‘societal ostracism’ or ‘societal sanctions’ as effective deterrents<br />
to ethically objectionable conduct.<br />
‘Physics of the financial markets’<br />
Dr. Udo Milkau, physicist and adjunct professor at Johann Wolfgang Goethe University,<br />
Frankfurt, captivated the numerous guests with a fascinating look at the predictability of<br />
systematic financial market risks.<br />
He impressively succeeded in bridging the interdisciplinary gaps between physics,<br />
mathematics and financial market theory. ‘Before we start, remember: even physics<br />
cannot foretell when and how one should invest,’ said Dr. Milkau, but continued by saying<br />
that developments in the field of physics in the second half of the 20th Century can be<br />
very helpful in gaining a better understanding of financial market crises.<br />
Theoretical models like Heisenberg’s uncertainty principle or the Ising model of ferromagnetism<br />
can be starting points. Milkau demonstrated how the mere the supposition<br />
that financial markets are ordered, linear and balanced systems proves false. On the<br />
contrary: non-linearity is the norm, with episodes of linearity, and that order happens<br />
only occasionally in the chaotic environment of the market.<br />
15
16<br />
activities of the commissions<br />
CRUF<br />
CRUF Corporate User Forum is a network of senior investment professionals from leading<br />
sell and buy-side equity and bond market institutions formed in 2005. Members of CRUF<br />
provide critical commentary and advice on existing and forthcoming financial reporting<br />
and accounting standards under IFRS. Meetings are held regularly in London, New York,<br />
Frankfurt am Main and Sydney. In 2010, a new section of CRUF was established in<br />
Canada. Further CRUFs are currently being set up in France, Japan and South Korea.<br />
Among other objectives, CRUF aims to further reduce the complexity and size of financial<br />
reporting. The practice-based recommendations of the organisation's members target<br />
granularity of the standards developed and increased use of electronic reporting formats.<br />
CRUF in Germany concentrated primarily on the following in 2010:<br />
� IAS 18 Revenue Recognition<br />
� IAS 27 Consolidations<br />
� IAS 39 Financial Instruments<br />
� IAS 37 Provisions, Contingent Liabilities and Contingent Assets<br />
� IAS 19 Accounting Treatment and Disclosure of Employee Benefits<br />
<strong>Equities</strong>_<br />
CRUF Germany has authored a joint position paper for the CRUF network on the draft<br />
of IAS 37. Dialogue with the IASB was expanded, so that IASB staff, project managers<br />
and directors were present via closed circuit television at most CRUF meetings.<br />
Also in 2010, CRUF Germany began active exchanges with organisations like EBF<br />
(European Banking Federation), Business Europe and FSB (Financial Stability Board).<br />
The CRUF website was relaunched in 2010, to make its information more easily accessible<br />
to anyone interested (www.cruf.com).
activities of the commissions<br />
Expert Group Banks<br />
The focus of this Expert Group is on 'Business models for banks'. Its aim is to contribute<br />
to an improved understanding of banking business and development of associated business<br />
models. The objective is to raise awareness of the different business models of<br />
banks beyond the domain of banking and accounting specialists.<br />
This project is meant to culminate in 2011 with a symposium hosting presenters from<br />
the banking industry and academics, as well as management consulting and auditing<br />
professionals. The event will be aimed at equity and bond investors, representatives<br />
from the banking industry and the financial press.<br />
Expert Group Real Estate<br />
<strong>Equities</strong>_<br />
The fifth <strong>DVFA</strong> Real Estate Conference was held on 22 and 23 February. The session<br />
for corporates, investors, financial analysts and experts from the real estate industry<br />
focussed on the topic: ‘ESG as an investment criteria for institutional investors - is sustainability<br />
paying off?’. This year’s Conference attracted more than 120 real estate<br />
experts to the <strong>DVFA</strong> Center in Frankfurt.<br />
The attractiveness of real estate investment seems to be directly related to sustainability<br />
aspects and there was a consensus among participants: Transparent reporting and fair<br />
valuations are two main pillars of strategically consistent investment - though this message<br />
does not seem to have been received by all market participants.<br />
The focus of the work of the Expert Group led by Prof. Dr. Heinz Rehkugler was on continuation<br />
of the transparency index, the third survey, fair valuation and the discussion<br />
surrounding G-REITs.<br />
17
18<br />
activities of the commissions<br />
Expert Group Corporate Transaction & Valuation<br />
Since January 2009, the Expert Group Corporate Transaction & Valuation has looked at<br />
corporate valuations in so-called ‘dominated’ situations, i.e. companies under CPL agreements<br />
or involved in squeeze outs. The adequacy of the consideration offered to minority<br />
shareholders in such scenarios is examined by the courts in review proceedings, the duration<br />
of which usually spans several years. In this context, the courts currently orient their<br />
decisions on the IDW S1 auditing principles for corporate valuations.<br />
Initially, the Expert Group addressed the legislative framework in Germany and elsewhere,<br />
as well as valuation concepts, valuation standards and the corporate perspective. Its objectives<br />
include simplification of the review process and development of principles for valuation<br />
by the majority shareholder. This will contribute to improved efficiency and prevent<br />
unreasonably long court proceedings, provided the principles are also accepted by the<br />
German justice system. Furthermore, the recommendations aim to establish international<br />
comparability between principles for valuation in dominated situations through promotion<br />
of methodological diversity (NPV, DCF, multiples) and transparency.<br />
Expert Group Small Caps<br />
<strong>Equities</strong>_<br />
The <strong>DVFA</strong> Small & Mid Cap Reporting Standard represens a collection of the most important<br />
reporting and information elements as a sort of best practice for financial reporting, and<br />
fundamental aid for small and medium-sized companies entering the capital market. The<br />
<strong>DVFA</strong> SMCRS are meant to improve the efficiency of capital market communication by<br />
small caps in the German market. The Expert Group presented the <strong>DVFA</strong> SMCRS at the<br />
second <strong>DVFA</strong> Small Cap Forum (SCF_ on 19 April 2010). Based on this presentation, the<br />
concept was published in both Börsen Zeitung and GoingPublic magazine.<br />
A white paper by the Expert Group was sent to 30 selected companies with the request for<br />
a statement of position on the SMCRS. Alongside work on the SMCRS, the Small Cap<br />
Expert Group supported a dissertation on ‘Analysis of the investment behaviour of small<br />
cap investors’ by Marta Kemter, University of Hamburg. The next task for the Expert Group<br />
will be the practical implementation of the <strong>DVFA</strong> SMCRS.
activities of the commissions<br />
Commission Life Science<br />
<strong>Equities</strong>_<br />
In 2010, another interesting, ground-breaking topic was dealt with and presented at the<br />
annual <strong>DVFA</strong> Life Science Conference in various publications.<br />
The 3 rd <strong>DVFA</strong> Life Science Conference ‘Biosimilars’ was held with more than 100 international<br />
guests at the <strong>DVFA</strong> Center on 8 June 2010. This year’s conference was held in<br />
English for the first time. Biosimilars or ‘follow-on biologics’ are generic versions of biopharmaceutical<br />
products.<br />
Given the great interest in this small but growing market segment, which is increasingly an<br />
important investment topic, members of the <strong>DVFA</strong> Commission Life Science - as in previous<br />
years - published multiple articles. An in-depth look at of the topic was presented by<br />
the <strong>DVFA</strong> Commission in the publication ‘Life Science in the Capital Market: Biosimilars’,<br />
2,000 copies of which were printed in time for the German Equity Forum on 22 November<br />
2010. This publication is available online at: http://www.dvfa.de/biosimilars<br />
In the book, which takes the form of an edited volume, the presenters and panel participants<br />
of the 3 rd <strong>DVFA</strong> Life Science Conference, along with selected experts, delineated<br />
their presentations and views expressed at the conference in 12 articles. The publication<br />
thus assembles expert viewpoints from a variety of fields (pharma/generics companies,<br />
biotech companies, legal experts, VC investors, analysts, fund managers etc.) on the<br />
market segment ‘biosimilars’.<br />
The 3 rd <strong>DVFA</strong> Life Science Conference and the release of the volume was generously<br />
sponsored by BIO Deutschland, DG Bank AG, Deutsche Börse Group, Mayer Brown LLP<br />
and transkript / BIOCOM Media GmbH.<br />
Following the great success of the previous <strong>DVFA</strong> Life Science Symposia, the 4 th <strong>DVFA</strong><br />
Life Science Symposium is planned in Frankfurt for 17 May 2011, addressíng the use<br />
of ‘Life Science Asia/Europe – Getting insight in mutual growth opportunities’. Here,<br />
participants will examine the aspects ‘Going East - Growth opportunities and challenges<br />
for European life science companies’ as well as ‘Going West - Is the German capital<br />
market ready for Asian life science companies?’.<br />
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featu <strong>DVFA</strong> and Germany’s <strong>Equities</strong>_ SMEs_<br />
<strong>DVFA</strong> and Germany’s SME sector – initiatives to promote better capital market access for<br />
small and medium-sized enterprises<br />
Germany’s capital market is still characterised by a vast number of SMEs. Using the definition of less than EUR 100 in<br />
market capitalisation, roughly 500 companies in the German capital market, or 60% of all listed companies, can be<br />
called ‘small caps’.<br />
For the past eight years, <strong>DVFA</strong> has supported and promoted the interests of small caps<br />
as an asset class. Since the late summer of 2003, the Society has been holding the<br />
respected SCC_ Small Cap Conference, now the largest independent investor conference<br />
for listed SMEs in Germany. Moreover, in February 2009, the SCF_ Small Cap<br />
Forum - a further format - was introduced for presentation of annual financial statements.<br />
In the spring of 2010, the SCF_ was held for the second time.<br />
Its autonomy and neutral positioning permits <strong>DVFA</strong> to invite buy and sell-side analysts,<br />
portfolio managers and asset managers from any company within the market. Thus, the<br />
Society can also offer the presenting companies the opportunity to speak with its investors,<br />
to uphold existing contacts and establish new ones. Corporates use the <strong>DVFA</strong><br />
Conference to report on current financial ratios and business developments, as well as<br />
to participate in one-on-one discussions with investors. Moreover, on the occasion of<br />
the SCF_, the work of the <strong>DVFA</strong> Expert Group Small Caps was presented along with academic<br />
projects, such as the pioneering scholarly work of Petra Oetken.<br />
Guideline Analyst Presentation<br />
For more than 20 years, <strong>DVFA</strong> has been working to assist corporates with capital marketoriented<br />
financial communication. In 2010, the Guideline Analyst Presentation was<br />
released jointly with PwC Deutschland, to delineate approaches for design and distribution<br />
of analyst presentations, the role and function of which in the context of financial communication<br />
has been largely ignored by companies. The publication offers support for preparing<br />
and organising analyst presentations and sets up a series of standards for a reporting<br />
format that will be seen as one of the most important information sources for investment<br />
professionals. Although investment professionals have clear demands and expectations<br />
in this area, no uniform standards have ever been developed for analyst presentations.
featu <strong>DVFA</strong> and Germany’s <strong>Equities</strong>_ SMEs_<br />
2 nd SCF_ Small Cap Forum: Prof. Dr.<br />
Max Otte, IFVE GmbH, spoke about<br />
value investing - ‘Investing in the Warren<br />
Buffett style’<br />
Since the start of 2009, the Expert Group Small Caps has been working to raise capital<br />
market visibility of small caps. The work of the group culminated in publication of a white<br />
paper on "<strong>DVFA</strong> Small and Midcap Reporting Standards", as best practice for financial<br />
reporting and capital market activities of SMEs in June 2010. In 2011, the discussion<br />
phase with small and midcap issuers on the form and scope of the SMCRS. The Expert<br />
Group is drafting a discussion paper to be released in the spring of 2011.<br />
Minimum standards for bond communication<br />
Ralf Frank, Managing Director <strong>DVFA</strong>: ‘It is imperative for small and midcap companies<br />
to provide more focused and targeted reporting on business models and performance<br />
in order to assure adequate institutional reach as compared to large caps.’<br />
The Expert Group Bond Communication, established in 2010, is endeavouring to define<br />
the demands of bond investors and analysts when it comes to communication by<br />
bond issuers. Given the substantial increase in the number of small and medium-sized<br />
enterprises issuing bonds, the ‘<strong>DVFA</strong> minimum standards for bond communication’,<br />
developed at the end of 2010 and introduced to the market in 2011, stirred significant<br />
interest among capital market participants. These minimum standards serve, e.g. as a<br />
point of reference for the small cap bonds segment which was opened by Deutsche Börse<br />
in Q1 2011.<br />
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activities of the commissions<br />
Fixed Income Forum<br />
The Forum was established in 2005 and meets as many as two times per year. The organisers<br />
are the two members of the <strong>DVFA</strong> Board responsible for Fixed Income: Dr. Peter<br />
Merk (LBBW) and Stefan Bielmeier (DZ BANK). Participants in the Fixed Income Forum prepare<br />
presentations on current topics as a basis for discussion.<br />
Four presentations were held at the Fixed Income Forum in January 2011. Dr. Guido<br />
Zimmermann (LBBW) gave a speach entitled The euro crisis in historical context – lessons<br />
and conclusions’. He was followed by Dr. Thomas Meißner (DZ BANK), with ‘EMU crisis:<br />
what can monetary and fiscal policy do?’. Oliver Piquardt presented “Bank restructuring –<br />
creditor participation in losses”. In the final presentation, Dr. Markus Walchshofer (Union<br />
Investment) and Christoph Klein (DB Advisors), both Chairmen of the Expert Group Bond<br />
Communication, spoke about the ‘Minimum standards for bond communication’. This new<br />
publication is highly relevant given the present wave of SME bond issues. Deutsche Börse<br />
AG has implemented rules based on the <strong>DVFA</strong> recommendations.<br />
Commission Rating Standards<br />
Fixed Income_<br />
The Commission Rating Standards comprises four Expert Groups.<br />
In February 2010, Expert Group III, under the leadership of Prof. Dr. Thomas Heidorn<br />
published the paper ‘Requirements for structured finance ratings’. The aim of the publication<br />
is to define the basis for rating of structured products, in order to strengthen investor<br />
confidence in the usefulness of ratings, as well as in the product class itself. To this end,<br />
requirements have been developed for the asset pool and for the originator/servicer.<br />
Rating differences vis-à-vis corporate issuers have also been identified.<br />
Expert Group IV, led by Dr. Oliver Everling, examines issues relating to interpretation and<br />
usefulness of rating scales, such as types of ratings, requirements for the development of<br />
rating symbols, the number of rating classes, investment grade and non-investment grade,<br />
demands on the specificity of rating symbols and rating thresholds. There are already<br />
expectations with respect to these aspects within the markets, against which the rating<br />
agencies are the foremost opponent. The Expert Group is working to formulate a standard.
featu <strong>Equities</strong>_ Alumni_<br />
<strong>DVFA</strong> Alumnis: Expansion of the network<br />
The <strong>DVFA</strong> Alumni Network that was established in 2009 now counts more than 90<br />
members and promotes active networking through measures like multiple yearly events.<br />
Until now, the organisation has only been open to graduates and instructors of the CIIA<br />
programme and its predecessors the CEFA and <strong>DVFA</strong> Investment Analyst programmes.<br />
Given the numerous requests from graduates<br />
of other programmes, <strong>DVFA</strong> Alumni<br />
has been expanded, and now admits all<br />
<strong>DVFA</strong> postgraduates. Thus, the organisation<br />
is now open for all CeFM, EFA, CRM,<br />
CCrA or CREA participants. All current and<br />
former instructors and Academic Directors<br />
of these programmes are also warmly invited<br />
to join the network.<br />
Olaf Liebeskind (right) of Deutsche Bank<br />
AG is Chairman, Andreas Deeng (left) of<br />
HelabaTrust is Deputy Chairman of the<br />
<strong>DVFA</strong> Alumni Network.<br />
Two successful networking events in 2010<br />
On 3 March 2010, the year's first networking event was held. The topic of the evening<br />
was ‘Not naughty banks - naughty bank’.<br />
At the second event on 21 October, Norbert Abraham from ingeniam - Executive Search &<br />
Human Capital Consulting spoke about ‘Networking and career acceleration’. Abraham<br />
presented the audience with interesting insights into his activity as a career coach.<br />
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activities of the commissions<br />
Asset Management Forum<br />
Three Asset Management Forums were held in 2010. The objective of the forum series<br />
is an exchange between selected representatives of the asset management industry.<br />
Frank Klein (DB Advisors), Ingo Mainert (Allianz Global Investors/RCM) and Michael<br />
Schmidt (Union Investment Privatfonds GmbH) are the members of the <strong>DVFA</strong> Board<br />
responsible for Asset Management.<br />
For the meeting at the end of March, a lecture on hedge funds by Harald Sporleder<br />
(Allianz Global Investors/RCM) was on the agenda. Open-ended real estate funds were<br />
the topic covered by Michael G. Husung (RREEEF Germany). Dr. Peter König spoke<br />
about ‘Qualification standards for portfolio managers’.<br />
The first half of the second Asset Management Forum on 26 August focussed on the<br />
‘Crisis in European government bonds and its effects’, as presented by Frank Klein. He<br />
was followed by Michael Schmidt with ‘How reliable is the Information Ratio (IR) as a<br />
measure of portfolio manager performance?’.<br />
On 25 November, the third Forum dealt with aspects of integrated risk management<br />
and regulatory impacts on asset management. Dr. Patrik Justen (DB Advisors), Dr.<br />
Thomas Stephan (Allianz Global Investors/RCM) and Dieter Konrad (Union Investment<br />
Institutional GmbH) spoke about asset management. In the second half, Dr. Peter König<br />
presented a look at the legislative measures implemented over the past several years<br />
in the areas of banking, asset management, investment advice and insurance.<br />
Frank Klein emphasises the importance of the culture of discussion upheld within the<br />
Forums: ‘We have succeeded in critically analysing certain asset classes with a focus on<br />
the diverging risk perceptions between corporates looking to raise capital and investors.<br />
The work of the Forum focuses clearly on the European horizon.’<br />
For 2011, another 2-3 events are planned.<br />
Asset Management_
activities of the commissions<br />
Commission Investment Performance Standards<br />
Asset Management_<br />
Once again in 2010, joint cooperation between the three professional associations BVI,<br />
GCFAS and <strong>DVFA</strong> was carried on under the name GAMSC – German Asset Management<br />
Standards Committee. In regular meetings, the GAMSC planned and implemented joint<br />
projects relating to the GIPS Global Investment Performance Standards.<br />
The IPC – Investment Performance Standards Committee initiated by the GAMSC and<br />
comprising eleven professionals from the fields of asset management and investment<br />
analysis, met regularly.<br />
An immense and very time-intensive project completed by the IPC was translation of the<br />
GIPS 2010, which were published in the spring, into German. The translation will be<br />
published via the GAMSC website as soon as it has been officially approved by the GIPS<br />
Council.<br />
Representatives of GAMSC and IPC regularly took part in international meetings of the<br />
GIPS boards and committees, in particular the RIPS EMEA (Regional Investment<br />
Performance Subcommittee for Europe, Middle East and Africa).<br />
IPC also covered topics such as: assets under management, leverage and derivatives,<br />
as well as issues relating to implementation of GIPS 2010 - in the context of which particular<br />
focus is placed on determining whether adjustments of guidance statements are<br />
acceptable in the current form from the German perspective.<br />
On 17 February 2010, the 4 th GIPS Day event was held at the <strong>DVFA</strong> Center in Frankfurt.<br />
An interesting programme greeted guests with practical accounts demonstrating the<br />
importance of the GIPS for Germany and the current state of implementation by respected<br />
personalities within the asset management industry. With more than 60 participants,<br />
the event can now be seen as a market standard for GIPS events in Germany.<br />
Further information is available online at the GAMSC website http://www.gamsc.com<br />
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26<br />
activities of the commissions<br />
Financial Market Communication_<br />
Commission on Effective Financial Communication<br />
The Principles for Effective Financial Communication developed by the Commission<br />
were reviewed in 2010, but no changes were made. They continue to serve as a basis<br />
for awarding of the annual Capital IR Prize. The Principles address a range of general<br />
problems in financial communication. The members of the Commission on Effective<br />
Financial Communication focused intensively on further development of the KPIs for<br />
environmental, social and governance (ESG) issues as part of the Commission on Non-<br />
Financials.<br />
At the same time, a new Expert Group was set up to cover the topic Integrated Reporting.<br />
In 2011, it will develop proposals for definition and implementation of integration between<br />
different reporting formats from the perspective of investment professionals.<br />
Commission Corporate Governance<br />
Working under the auspices of the <strong>DVFA</strong> Financial Market Communication Panel, the<br />
Commission Corporate Governance has developed the Scorecard for German Corporate<br />
Governance © - a <strong>DVFA</strong> evaluation scheme based on the German Corporate Governance<br />
Code (Deutsche Corporate Governance Kodex – DCGK).<br />
In 2010, the Scorecard was completely revamped and aligned to reflect the amendments<br />
to the DCGK and relevant legislation. Thus, the rating system is now even better<br />
suited to meet the needs of investment professionals. At the same time, an empirical<br />
study was devised to identify the prevailing trends in corporate governance from the<br />
perspective of investment professionals. It will be launched in 2011.
activities of the commissions<br />
Financial Market Communication_<br />
Commission on Non-Financials<br />
2010 marked the culmination of nearly five years of work by the Commission on Non-<br />
Financials. In the most recent version, the Commission identified the most important<br />
non-financial indicators (key performance indicators) for financial investors in each of<br />
the 114 sub-sectors of the Dow Jones classification.<br />
The aim of the work is to identify ways to improve the quality of financial analysis.<br />
Sector-specific definition of key performance indicators is meant to serve as a bridge<br />
between investors and corporates. For the latter, it becomes easier to communicate<br />
relevant information to investors. Investors themselves have rapid access to information<br />
they need to make a proper assessment of the company. During the past year, the Commission<br />
moved forward with its successful activities in this area. Building on the indicators<br />
already identified, which were more or less general in nature, the team developed sectorspecific<br />
indicators. Prior to publication, the resulting KPIs were reviewed by academic and<br />
professional experts, whose constructive advice was used to further refine the indicators.<br />
The Commission on Non-Financials will continue to face immense challenges in the<br />
years ahead. Expansion of its work to other asset classes and advancement of the work<br />
already accomplished will be of great importance. At the same time, the Commission will<br />
seek to find ways for non-financial information to be taken into account for corporate<br />
valuation – e.g. in the context of discounted cash flow models.<br />
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featu Integrated Reporting_ <strong>Equities</strong>_<br />
In September 2010, after more than five years of dedicated work, the <strong>DVFA</strong> Commission on Non-Financials released its<br />
‘KPIs for ESG 3.0’, a collection of key performance indicators relating to topics of environment, social responsibility<br />
and corporate governance. For the 114 sub-sectors of the Stoxx Industry Classification Benchmark (ICB), indicators<br />
were aggregated, which can be reported by companies using a three level system.<br />
The <strong>DVFA</strong> publication, which has the international<br />
endorsement of EFFAS and is marketed as the ‘<strong>DVFA</strong>/<br />
EFFAS KPIs for ESG 3.0’, has met with strong approval<br />
from numerous initiatives, standard setters and regulators,<br />
and is being described as unique and groundbreaking<br />
in its high degree of granularity and sectorspecificity.<br />
In 2010, initiatives and projects aimed at integrating<br />
financial and non-financial reporting were formed<br />
and refined.<br />
For years now, investors and financial analysts have<br />
rightly complained that, in addition to the traditional<br />
frameworks for financial reporting such as IFRS or US-<br />
GAAP, there is significant scope for voluntary reporting in sustainability, CSR and ESG<br />
reports. Given the past lack of coordination between the two, investment decisions often do<br />
not have an adequate basis of information about the corporates’ risks and opportunities.<br />
From September 2009 to March 2010, Ralf Frank, Managing Director of <strong>DVFA</strong>, took<br />
part on behalf of the Society in the ESG Disclosure Workshops held by the European<br />
Commission. At these events, which focussed on the issue of what form obligatory corporate<br />
ESG reporting should take, EFFAS partnered with other organisations to form the<br />
ECRA European Combined Reporting Alliance, a coalition of economic stakeholders in<br />
corporate communication.<br />
In October 2010, at the invitation of the two authors of ‘One Report’, Robert G. Eccles and<br />
Michael Krzus, Ralf Frank took advantage of the opportunity to speak about the work of<br />
EFFAS/<strong>DVFA</strong> at Harvard Business School in Boston/MA. In the context of the symposium,<br />
the foundations for integration of financial and ESG reporting were laid with the representatives<br />
of numerous initiatives, standard setters and regulators. Under the umbrella of the<br />
IIRC International Reporting Committee, standards are now being developed jointly worldwide<br />
by standard setters like IASB and FASB, associations of accounting professionals,
featu Integrated Reporting_ <strong>Equities</strong>_<br />
e.g. FEE, IFAC, initiatives such as Accounting for Sustainability,<br />
AccountAbility and GRI Global Reporting<br />
Initiative, along with associations such as EFFAS. Ralf<br />
Frank represents <strong>DVFA</strong> and EFFAS within the IIRC as a<br />
member of the Content Working Group.<br />
With the Global Reporting Initiative (GRI), EFFAS has<br />
now initiated a dialogue, with the aim of exploring the<br />
synergies between the G3 and GRI reporting standards<br />
and the <strong>DVFA</strong>/EFFAS KPIs for ESG 3.0, to enable the<br />
roughly 3,000 companies now reporting in accordance<br />
with G3 to use the <strong>DVFA</strong>/EFFAS KPIs.<br />
In 2010, along with its efforts in the area of integrated<br />
reporting, <strong>DVFA</strong> supported the work of the German<br />
Council for Sustainable Development, which has<br />
released a draft Sustainability Code for the German<br />
business community. Based on a roundtable of the<br />
Council for Sustainable Development with investors<br />
and corporate representatives at the offices of DB<br />
Advisors, Prof. Dr. Alexander Bassen, University of<br />
Hamburg and Chief Financial Communication Advisor<br />
to <strong>DVFA</strong>, drafted the Code on the basis of the German<br />
Corporate Governance Code (Deutschen Corporate<br />
Governance Kodex – DCGK).<br />
The Sustainability Code contains principles that can<br />
be combined by companies with existing indicators,<br />
such as AA1000, GRI and <strong>DVFA</strong>/EFFAS.<br />
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activities of the commissions<br />
Financial Market Regulation_<br />
Panel on Financial Market Regulation<br />
In 2010, the focus of legislation and regulation was on investment advisory business.<br />
Below is an overview of the most important measures:<br />
u Documentation requirement<br />
Since 1 January 2010, investment advisors have been subject to more extensive requirements<br />
in relation to the documentation of investment advisory meetings with private<br />
clients. The documentation must contain a record of the advisory meeting, in particular<br />
the reason for the meeting and its duration, the customer’s information and his expectations,<br />
as well as the recommendations made and the key reasons for these. In this<br />
context, BaFin published a letter in November 2010, specifying that this documentation<br />
requirement also applies to prospective clients and irrespective of whether a transaction<br />
results from the advisory meeting. Additionally, meetings with potential new clients, which<br />
did not lead to an investment advisory meeting, must also be documented.<br />
u AIFM Directive<br />
At EU level, the AIFM Directive was adopted by the European Parliament in November<br />
2010. This directive regulates managers of alternative investment funds, though the<br />
scope of applicability is broadly defined. It encompasses open and closed-ended funds<br />
that are currently not covered by regulation or fall under the UCITS Directive. After entry<br />
into force, national legislatures have two years within which to implement the rules. At<br />
the same time, details will need to be clarified via implementing provisions at EU level.<br />
u MiFID-Review<br />
In December, the EU Commission launched a consultation on review of the MiFID. The<br />
key elements are:<br />
� Expanding the scope of the MiFID to investment services and activities not currently<br />
covered<br />
� Expanding the MiFID transparency rules to further financial instruments (bonds and<br />
OTC derivatives)<br />
� Strengthening of investor protection<br />
The legislative drafts are due to be prepared in spring 2011.
featu Financial Market Regulation_ <strong>Equities</strong>_<br />
New German legislation to strengthen investor protection:<br />
(Anlegerschutz- und Funktionsverbesserungsgesetz / Gesetz über Vermögensanlagen)<br />
In 2010, investor protection was a top focus of the German legislature. It began in<br />
March 2010 with publication of the proposal by the German Federal Ministry of<br />
Finance (Bundesfinanzministerium – BMF) on planning of a draft law to strengthen<br />
investor protection and improve operation of the capital market (Anlegerschutz und<br />
Funktionsverbesserungsgesetz – AnlSFG).<br />
The new law aims to improve consumer protection for private investors, e.g. through<br />
expansion of protections to cover ‘grey capital market’ products, creation of a database<br />
of registered investment advisors, sales managers and compliance officers, mandatory<br />
qualification for the above functions and introduction of fact sheets for financial products.<br />
Registration requirements and acceptable proof of qualification are further defined in a<br />
green paper released for a proposed Employee Reporting Regulation (Mitarbeiteranzeigeverordnung).<br />
Certain new provisions are also meant to improve operation of the capital markets,<br />
including: expansion of disclosure obligations under the Securities Trading Act (WpHG)<br />
to include additional financial instruments as a means to prevent hidden voting rights<br />
acquisition as well as various new rules for open-ended real estate funds, e.g. ban on<br />
daily redemption in conjunction with minimum holding periods meant to help improve<br />
the liquidity situation of asset management companies.<br />
The Bundestag adopted the government’s draft of the law to strengthen investor protection<br />
and improve operation of the capital market on 08 February 2011. The planned<br />
expansion of scope to include the 'grey capital market' was removed from the draft. In<br />
this context, the BMF and Federal Minister of Economics and Technology have now<br />
released a consultation draft of an Investment Products Act (Gesetz über Vermögensanlagen<br />
– VermAnlG). Under this law, investment products are classified for the first<br />
time as financial instruments, and the general obligations under the WpHG are expanded,<br />
including the obligation to give investor-tailored investment advice, disclose fees and<br />
maintain a record on investment advice. Activities of ‘investment intermediaries’<br />
(Finanzanlagenvermittler) and ‘investment advisors’ (Finanzanlagenberater) will also be<br />
subject to licensing in accordance with the German Industrial Code (GewO).<br />
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EFFAS/ACIIA<br />
Annual General Meeting_<br />
EFFAS – The European Federation of Financial Analysts Societies<br />
EFFAS is the European umbrella organisation for more than 14,000 investment professionals<br />
represented in 26 national associations. EFFAS e.V. is a non-profit organisation<br />
registered in Frankfurt/Main, the offices of which are located in the direct<br />
vicinity of <strong>DVFA</strong>, in order to enhance synergies with the local EFFAS member society.<br />
EFFAS Annual General Meeting 2010 in Geneva<br />
Two major events dominated the organisation's activities in 2010: the Annual General<br />
Meeting in June and the EFFAS Summer School.<br />
The EFFAS Annual General Meeting took place on 25 June 2010 and was hosted by the<br />
Swiss Financial Analysts Association, SFAA. The agenda included the presentation of<br />
the financial year 2009 annual report, EFFAS’ commission reports, perspectives and<br />
projects, approval of two new member societies, as well as the elections for the members<br />
of the Executive Management Committee (EMC) and the chairman. Following the<br />
votes, the newly elected EMC member was Hans Buysse from Belgium, for a period of<br />
three years. The other EMC members are: Vincent Bazi (France), Marianne Flink<br />
(Sweden), Friedrich Mostböck (Austria), Jesús López Zaballos (Spain). Giampaolo Trasi<br />
from AIAF, Italy, has been re-elected as chairman of EFFAS. The headquarters of EFFAS<br />
moved to Frankfurt in conjunction with the relocation of the <strong>DVFA</strong> offices.<br />
EFFAS has a voice at the EU in Brussels, ESMA, and IASB/IFRS due to the relevant<br />
EFFAS Commissions. EFFAS now has a presence also within the XBRL community and<br />
the Integrated Reporting community. Collaboration with other international organisations<br />
(e.g. ECMI, EFRAG, GIPS) has been expanded and improved.
EFFAS/ACIIA<br />
Regulatory Initiatives_<br />
Position Papers submitted during the business year 2010/2011<br />
Institution Date Title<br />
European Commission<br />
IASB International Accounting<br />
Standards Board<br />
IASB International Accounting<br />
Standards Board<br />
IASB International Accounting<br />
Standards Board<br />
IASB International Accounting<br />
Standards Board<br />
European Commission<br />
EFRAG European Financial<br />
Reporting Advisory Group<br />
IASB International Accounting<br />
Standards Board<br />
IASB International Accounting<br />
Standards Board/IFRS International<br />
Financial Reporting Standard<br />
Consultation Document<br />
Level 2 Directive 2009/138/EC<br />
Insurance & Reinsurance (Solvency II)<br />
IASB – International Accounting<br />
Standards Board/IFRS - International<br />
Financial Reporting Standard<br />
European Commission<br />
European Commission<br />
ESMA European Securities and<br />
Markets Authority<br />
IASB - International Accounting<br />
Standards Board/IFRS - International<br />
Financial Reporting Standard<br />
12 Feb 2010<br />
01 Mar 2010<br />
21 June 2010<br />
30 Sept 2010<br />
22 Oct 2010<br />
15 Nov 2010<br />
30 Nov 2010<br />
30 Nov 2010<br />
15 Dec 2010<br />
26 Jan 2011<br />
31 Jan 2011<br />
31 Jan 2011<br />
02 Feb 2011<br />
25 Feb 2011<br />
09 Mar 2011<br />
EFFAS Submission in preparation for final<br />
ESG Disclosure Workshop<br />
Exposure Draft ED/2009/6<br />
Management Commentary<br />
Financial Instruments: Amortised Cost<br />
and Impairment ED /2009/12<br />
Presentation of Items of Other<br />
Comprehensive Income ED /2010/5<br />
Revenue from Contracts with Customers<br />
ED /2010/6<br />
Green Paper ‘Towards adequate, sustainable<br />
and safe European pension systems’<br />
Insurance Contracts<br />
Insurance Contracts<br />
Leases Exposure Draft ED/2010/9<br />
Consultation Directive 2009/138/EC<br />
Insurance and Reinsurance (Solvency II)<br />
Effective Dates and Transition Methods<br />
Disclosure of Non-Financial Information by<br />
Companies<br />
Public Consultation Review of the Markets<br />
in Financial Instruments Directive (MiFID)<br />
Technical advice on possible delegated acts<br />
concerning the Prospectus Directive (2003/<br />
71/EC) as amended by the Directive 2010/<br />
73/EU<br />
Exposure Draft ED/2010/13<br />
Hedge Accounting<br />
33
34<br />
EFFAS/ACIIA<br />
EFFAS 2010 Summer School - Third Edition<br />
EFFAS Summer School_<br />
To enhance the networking between existing EFFAS designation holders, CEFA and CIIA<br />
candidates and other investment professionals, EFFAS, with the support of IEAF and<br />
the Banco Santander Group, organised the third edition of the EFFAS Summer School<br />
in Madrid, in the Santander Financial City (Boadilla del Monte – Madrid).<br />
The proportion of investment professionals was greater<br />
than in the first two years, and those in attendance benefited<br />
from a wide range of workshops and lectures on capital<br />
market, accounting and regulatory topics.<br />
Germany was represented by participants, members of<br />
the <strong>DVFA</strong> Alumni. <strong>DVFA</strong> board member Frank Klein gave a<br />
speech on Fiduciary Management and Peter König acted<br />
as moderator on the panel. The EFFAS Summer School<br />
supports the concept that, in addition to qualification,<br />
exchanging views and networking are key to professional<br />
development.<br />
CIIA/CEFA/CMA Diplomas - as of December 2010
EFFAS/ACIIA<br />
Fritz H. Rau, ACIIA, Chairman<br />
Kiyoto Hagiwara, SAAJ, President & CEO<br />
ACIIA, Deputy Chairman<br />
ACIIA_<br />
ACIIA - The Association of Certified International Investment Analysts<br />
Since its foundation in the year 2000, the Association of Certified International<br />
Investment Analysts, ACIIA, has established itself as a valuable forum for the exchange<br />
of knowledge, ideas and education in the international investment field. Its main role<br />
is to provide a flexible, internationally-recognised qualification - Certified International<br />
Investment Analyst CIIA - which examines candidates at a high standard and in a practical<br />
fashion in the global areas that are necessary for pursuing a career in the investment<br />
profession, and also in the local topic of their respective home markets.<br />
As it is still unclear which changes the financial system must undergo in or after a global<br />
economic crisis, there can be no other option than to consistently apply ethical standards,<br />
as well as to continually educate and qualify our investment professionals. This is why<br />
all the partnering organisations of ACIIA see it as their duty to improve the public understanding<br />
of the capital market’s function and to restore confidence in it. The outstanding<br />
CIIA programme is consistently gaining in recognition.<br />
The Annual General Meeting, held on the 24 June 2010, re-elected Mr Fritz H. Rau, the<br />
chairman of the German Society <strong>DVFA</strong>, as ACIIA chairman. Mr Kiyoto Hagiwara, the<br />
chairman of the Japanese society SAAJ, was re-elected as deputy chairman.<br />
An important event for ACIIA during the year 2010 was its 10th anniversary. Since its<br />
inauguration, ACIIA membership has grown from nine to thirty-five associations worldwide,<br />
including the two founding federation members ASIF, the Asian umbrella organisation,<br />
and EFFAS, the European umbrella organisation.<br />
While some member associations have a long history of representing the investment<br />
profession and administering qualification programmes, others have only evolved over<br />
the last few years and are implementing a training programme at an international level<br />
for the first time.<br />
To celebrate the 10th ACIIA anniversary, several members organised local events. SAAJ,<br />
the Security Analysts Association of Japan, for example, held the 10th CIIA Anniversary<br />
in conjunction with the ACIIA Council meeting in Tokyo, on 11 November 2010. Other<br />
societies celebrated the event by organizing local seminars for the CIIA alumni. EFFAS<br />
invited the ACIIA chairman Fritz H. Rau to give a speech on the importance of professional<br />
qualifications and ethics to the Summer School in Madrid.<br />
35
36<br />
<strong>DVFA</strong> e.V. annual financial statements<br />
Balance Sheet_<br />
Balance Sheet<br />
as at 31 December 2010 (in EUR)<br />
ASSETS 2010 2009<br />
EUR EUR<br />
Fixed Assets<br />
Participation <strong>DVFA</strong> GmbH 20,451.68 20,451.68<br />
Participation non-profit<br />
Gemeinnütziges <strong>DVFA</strong><br />
Institut für Finanzstudien<br />
gGmbH<br />
25,000.00 0.00<br />
Current Assets<br />
Accounts Receivable 87,387.28 72,181.69<br />
Liquid Assets 325,988.00 417,334.81<br />
Total Assets 458,826.96 509,968.18<br />
The total assets of the Society were €51k lower in 2010, at €459k (2009: €510k). In<br />
2010, <strong>DVFA</strong> e.V. acquired a 100% stake in the non-profit Gemeinnütziges <strong>DVFA</strong> Institut für<br />
Finanzstudien gGmbH totalling €25k. Receivables in the amount of €87k (2009: €72k)<br />
include €31k due from members and sponsors (2009: €11k), receivables from affiliated<br />
companies of €56k (2009: payables of €14k) and other assets of €0k (2009: €62k).<br />
Cash and equivalents as well as other liquid securities total €326k (2009: €417k).<br />
Liabilities totalling €69k (2009: €40k) comprise €64k for VAT consolidation (2009: €0k)<br />
and other liabilities in the amount of €5k (2009: €26k). Equity declined by €81k to €382k.<br />
The equity ratio is 83%.<br />
LIABILITIES 2010 2009<br />
EUR EUR<br />
Equity Capital<br />
as at 01 Jan 463,291.50 422,160.03<br />
Net Income - 80,743.55 41,131.47<br />
as at 31 Dec 382,547.95 463,291.50<br />
Provisions 6,662.20 6,602.46<br />
External Funds<br />
Liabilities 69,116.81 40,074.22<br />
Accruals 500.00 0.00<br />
Total Assets 458,826.96 509,968.18
<strong>DVFA</strong> e.V. annual financial statements<br />
Profit & Loss Statement_<br />
Profit & Loss Statement<br />
as at 31 December 2010 (in EUR)<br />
The profit and loss statement depicts net revenues (turnover) of €303k against total<br />
expenditures of €385k. Taking into account net interest income of €1k, this results in a<br />
net loss for the year of € -81k (2009: €41k net profit). In financial year 2010, membership<br />
dues, received sponsorship payments and other income totalled €303k (2009: €338k).<br />
Operating expenses comprise other expenses in the amount of €385k (2009: €300k). The<br />
other expenses include expenditures for public relations measures totalling €179k (2009:<br />
88k), travel and hospitality costs of €17k (2009: €23k), legal and consulting fees amounting<br />
to €6k (2009: €6k), the costs arising from the service agreement for administrative<br />
and organisational activities by <strong>DVFA</strong> GmbH totalling €157k (2009: €168k) and other<br />
expenditures in the amount of €26k (2009: €15k). The largest, non-recurring expense in<br />
the context of public relations for 2010 was for the 50-year anniversary celebration and<br />
commemorative publication (€123k).<br />
The 2010 annual financial statements were audited by Ebner Stolz Mönning Bachem<br />
GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft, Frankfurt<br />
am Main, and received an unqualified opinion.<br />
P + L 2010 2009<br />
EUR EUR<br />
Member Dues 237,105.65 240,458.88<br />
Sponsor Dues 61,344.00 97,128.00<br />
Other Income 4,583.66 17.50<br />
Other Expenses 384,899.13 299,841.63<br />
Net Interest Income 1,122.27 3,368.72<br />
Annual Net Profit - 80,743.55 41,131.47<br />
37
38<br />
<strong>DVFA</strong> GmbH<br />
Financial Communication<br />
Report of the Management_<br />
The work of <strong>DVFA</strong> in the area of financial communication helps listed companies and<br />
bond issuers achieve institutional reach. It primarily acts to support dialogue between<br />
corporates looking to raise capital and investors.<br />
In 2010, <strong>DVFA</strong> supported more than 200 companies with organisation and execution of<br />
their investor conferences. Five industry and topic specific forums were held as well:<br />
CeBIT (together with Equinet and Deutsche Börse AG), Small Cap Forum SCF_, Real Estate,<br />
Life Science, Small Cap Conference SCC_,<br />
Taking ESG into Account (together with<br />
PwC and WestLB). More than 100 companies<br />
made <strong>DVFA</strong> forums part of their investor<br />
communication agenda in 2010.<br />
Especially gratifying was the successful<br />
introduction of a special format for small<br />
cap bond issuers, presenting their companies<br />
to a <strong>DVFA</strong> audience with a focus<br />
on wealth management and family offices.
<strong>DVFA</strong> GmbH<br />
Finance Academy<br />
Report of the Management_<br />
In 2010, the <strong>DVFA</strong> postgraduate programmes were expanded to include the designation<br />
CRM Certified Risk Manager, and the first course of this new programme for bank risk<br />
management was already fully booked. Overall, demand for training and qualification<br />
programmes in 2010 was once again higher than the previous year. Equally popular were<br />
the 4 th Wealth Management Symposium and the 1 st Risk Management Symposium, as<br />
well as the GIPS Day event and the 2 nd Investment Consultant Conference.<br />
Toward the end of the year, our Alumni Network was enlarged to include the graduates<br />
and tutors of all <strong>DVFA</strong> postgraduate programmes. Consequently, there are now more<br />
than 4,000 professionals qualified to join the Alumni Network. At this point, we would<br />
also like to thank our Academic directors and our instructors for their dedicated support<br />
of the <strong>DVFA</strong> training and qualification programmes. We would also like to warmly<br />
congratulate our 2010 graduates on their success, and wish them all the best in their<br />
future careers.<br />
39
40<br />
<strong>DVFA</strong> GmbH annual financial statements<br />
Balance Sheet_<br />
Balance Sheet<br />
as at 31 December 2010 (in EUR)<br />
ASSETS 2010 2009<br />
EUR EUR<br />
Fixed Assets 136,082.51 161,395.51<br />
Current Assets 3,046,981.88 2,556,037.01<br />
Accruals 17,197.56 22,668.31<br />
Total Assets 3,200,261.95 2,740,100.83<br />
Total assets rose €460k year-on-year, to €3,200k. Fixed assets were reduced to EUR<br />
136k through scheduled depreciation totalling EUR 25k. Current assets increased by<br />
€491k, as the net result of a €301k decrease in receivables and other assets as well<br />
as a €792k rise in cash and securities.<br />
Equity increased on net profit of €74k to €1,914k, bringing the equity ratio to 60%.<br />
Provisions were €116k lower. Liabilities rose by €12k, and the amount recognized<br />
under accruals and deferred income was EUR 490k higher at EUR 718k, and results<br />
from training program fees received in 2010 for courses to be held in 2011.<br />
LIABILITIES 2010 2009<br />
EUR EUR<br />
Subscribed Capital 33,000.00 33,000.00<br />
Retained Earnings 1,806,869.12 1,860,160.12<br />
Net Profit 73,922.22 - 53,291.00<br />
Equity Capital 1,913,791.34 1,839,869.12<br />
Provisions 445,761.11 561,316.30<br />
Liabilities 122,398.13 110,831.41<br />
Deferred Income 718,311.37 228,084.00<br />
Total Assets 3,200,261.95 2,740,100.83
<strong>DVFA</strong> GmbH annual financial statements<br />
Profit & Loss Statement_<br />
Profit & Loss Statement<br />
as at 31 December 2010 (in EUR)<br />
The profit and loss statement for financial year 2010 reflects net revenues (turnover) of<br />
€3,385k (2009: €3,023k), an increase of 12%, and other operating revenues totalling<br />
€29k (2009: €75k). Turnover was generated primarily by the Finance Academy and the<br />
area of financial communication. The company received its contractual 75% share of membership<br />
dues and joining fees received by <strong>DVFA</strong> e.V. as payment for its organisational and<br />
administrative services. Material expenditures were €70k higher at €1,038k. The majority<br />
of these costs are attributable to instructors’ fees, marketing and event costs. Personnel<br />
expenditures rose €34k, or 2%, to €1,521k. Depreciation costs were stable year-on-year,<br />
at €73k. Other operating expenditure was up €39k, or 6%, to €689k. Transitioning to measurement<br />
of pension provisions in accordance with the German Accounting Law<br />
Modernisation Act (BilMoG) resulted in interest expenditure totalling €16k and extraordinary<br />
expenses of 3k (2009: 0). After taxes, net profit totalled €74k (2009: €53k net loss).<br />
The 2010 annual financial statements were audited by Ebner Stolz Mönning Bachem<br />
GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft, Frankfurt<br />
am Main, and received an unqualified opinion.<br />
P + L 2010 2009<br />
EUR EUR<br />
Turnover 3,384,966.96 3,022,916.17<br />
Other Assets 29,671.56 75,239.37<br />
Material Expenditure 1,038,155.66 967,859.85<br />
Personnel Expenditure 1,520,680.20 1,486,249.77<br />
Depreciations 72,960.96 72,779.60<br />
Other Operating Expenditure 688,525.23 649,107.21<br />
Interest Income 19,604.37 29,730.17<br />
Interest Expenditure 15,562.00 0.00<br />
Operating income 98,358.84 - 48,110.72<br />
Extraordinary Expenses 2,615.00 0.00<br />
Taxes on Earnings 21,821.62 5,180.28<br />
Net profit 73,922.22 - 53,291.00<br />
41
42<br />
featu Training and Qualification_ <strong>Equities</strong>_<br />
Graduation Ceremony at Deutsche Bundesbank and Villa Bonn<br />
At headquarters of Deutsche Bundesbank in Frankfurt on 23 January 2011, diplomas were<br />
awarded to participants in the <strong>DVFA</strong> postgraduate programme CIIA. Martin Kötter (WGZ-<br />
Bank AG), Johannes Wutz (Bayern LB), Kai Röttgers (WestLB AG) were the top recipients of<br />
the CIIA global qualification for investment professionals.<br />
Presentation of diplomas for the CeFM, CRM and CCrA programmes this year were held within<br />
the historical ambience of Villa Bonn in Frankfurt. For the postgraduate programme<br />
CeFM Certified Financial Manager: Jan Krüger (National-Bank AG), Marco Beyer (Michael<br />
Pintarelli Finanzdienstleistungen AG), Dennis Busse (Deutsche Bank AG) were recognised<br />
by Academic Head Prof. Dr. Markus Rudolf as the top of the class.<br />
For the first-ever group of participants in the postgraduate programme CRM Certified<br />
Risk Manager: Marica Draganic (Landesbank Baden-Württemberg), Christoph Kitz<br />
(Bundesanstalt für Finanzdienstleistungsaufsicht) and Jennifer Becherer (Westdeutsche<br />
ImmobilienBank AG) recieved the diplomas for top participants in the class.<br />
For the 16 class of the programme CCrA Certified Credit Analyst: Philip Hägele (L-Bank),<br />
Andreas Urich (L-Bank) and Alexander Seith (L-Bank) were recognised as the top recipients<br />
of this professional qualification for credit and capital market specialists.<br />
.<br />
Martin Kötter (centre), WGZ Bank AG, was the top graduate of the CIIA programme. Prof. Dr. Raimond Maurer (left), Ingo Mainert (right)
featu German Investment Consultant Conference_ <strong>Equities</strong>_<br />
German Investment Consultant Conference<br />
‘No blind eyes! - ethics in the asset management industry’ was the topic of the 2010<br />
Investment Consultant Conference, which played host to more than 100 participants.<br />
Prof. Dr. Bernhard Emunds, Director of the Oswald von Nell-Breuning Institute, Hochschule<br />
St. Georgen, made an appeal in his profound opening address to the sense of social<br />
responsibility in the asset management industry from the perspective of Christian social<br />
ethics. Afterwards, three panels formed, where experts discussed the coming paradigm<br />
shift under the moderation of Andreas Krebs from Mandarine Gestion and Ulrich Koall<br />
from Quoniam Asset Management:<br />
� Volker Brandt | RMC Risk Management Consulting<br />
� Nigel Cresswell | Towers Watson Deutschland<br />
� Peter Hadasch | Nestlé Pensionskasse<br />
� Michael Himmelsbach | Bistum Freiburg<br />
� Herwig Kinzler | Mercer Deutschland<br />
� Dr. Torsten Köpke | Aon Jauch & Hübener<br />
� Dieter Lehmann | Volkswagen-Stiftung<br />
� Uwe Rieken | FAROS Consulting<br />
� Dr. Dirk Söhnholz | Feri Institutional Advisors<br />
� Christian Strenger | DWS Investment GmbH<br />
� Karl Olbert | Funds@Work<br />
� Reinhold Weger | Bayerische Versorgungskammer<br />
The next Investment Consultant Conference will take place in the autumn of 2011.<br />
Prof. Dr. Bernhard Emunds, Director of the Oswald von Nell-Breuning Institute,<br />
Hochschule St. Georgen<br />
Christian Strenger,<br />
DWS Investment GmbH<br />
43
44<br />
featu Training and Qualification_ <strong>Equities</strong>_<br />
The founding of EFPA Deutschland e.V.<br />
Since the end of October, the newly founded EFPA Deutschland e.V. has been representing<br />
the European Financial Planning Association (EFPA) in Germany. Founding members<br />
of the new organisation are <strong>DVFA</strong> and the Frankfurt School of Finance & Management.<br />
Ingolf Jungmann (Vice-President of the Frankfurt School of Finance & Management)<br />
was appointed Chairman of the Board of EFPA Deutschland with Dr. Peter König (Managing<br />
Director of <strong>DVFA</strong>) as Deputy Chairman.<br />
The aim of EFPA Deutschland is establishment of the European qualification European<br />
Financial Advisor (EFA) and European Financial Planner (EFP) in Germany. Europe-wide,<br />
there are already more than 10,000 holders of these qualifications. Moreover, EFPA<br />
Deutschland will be responsible for implementing the interests of the European Financial<br />
Planning Association (EFPA) in Germany. EFPA is an European umbrella organisation<br />
working to establish high quality standards for financial advice and planning.<br />
EFPA has developed international norms relating to qualifications and ethics for professional<br />
financial planners and financial advisors in Europe, with the objective of protecting<br />
consumers in the financial advisory process. The heart of the EFPA concept is a<br />
two-level programme of qualification:<br />
European Financial Advisor<br />
(EFA) and European Financial<br />
Planner (EFP).<br />
Founding members (right to left): Ingolf Jungmann, Ulf Mayer, Bettina Moll (for <strong>DVFA</strong>), Evelyn Kotthoff, Christiane<br />
Wolff, Omid Saz (for Frankfurt School of Finance & Management), Jörg Reitz, Dr. Peter König<br />
The European Financial Advisor<br />
provides expert financial advice<br />
to high-level clients and supports<br />
them in implementation.<br />
The certification developed by<br />
EFPA is the first Europe-wide<br />
certification for financial advisors<br />
and planners.<br />
Further information is available<br />
on www.dvfa.de/efpa
featu Training and Qualification_ <strong>Equities</strong>_<br />
4 th Wealth Management Symposium ‘Quality Management in<br />
Private Banking’<br />
The 4 th Wealth Management Symposium was once again a great success, with more<br />
than 130 participants, who met and discussed possible quality assessment models in<br />
wealth management. A central topic was the question as to whether a balance can be<br />
found between individualisation and standardisation of private banking services in<br />
light of falling margins. Different success factors in private banking were also examined,<br />
as was the relationship between invest performance and customer service quality.<br />
The speakers and their topics were:<br />
� Dr. Thorsten Reitmeyer | Divisional Board - Wealth Management | Commerzbank AG<br />
Total Quality (Wealth) Management<br />
� Prof. Dr. Markus Rudolf | Dresdner Bank Endowment Chair for Finance<br />
WHU Otto Beisheim School of Management<br />
Private Banking Customer Satisfaction Rating<br />
� Frank Wieser | CEO | Bank Vontobel Europe AG<br />
The German Market as viewed by Switzerland’s Traditional Banks<br />
� Prof. Dr. Andreas Hackethal | Chair of Finance | J. W. Goethe-University<br />
Value-added Services in Asset Management and Investment Advisory Business<br />
� Dr. Martin Deckert | Member of the Management Board | UBS Deutschland AG<br />
Quality and Risk Management in Private Banking – Opportunity or Obstruction<br />
� Dr. Jörg Richter | Managing Partner | IQF - Institut für Qualitätssicherung und Prüfung von<br />
Finanzdienstleistungen<br />
Quality in Wealth Management – Theory and Practice<br />
� Peter Hannemann | Managing Partner | Stephan Unternehmens- und Personalberatung<br />
Compensation Structures in Private Banking<br />
� Dr. Sven Zeller | Partner | Clifford Chance<br />
Liability Issues in Wealth Management<br />
The fifth <strong>DVFA</strong> Wealth Management Symposium will take place in the autumn of 2011.<br />
45
46<br />
featu Training and Qualification_ <strong>Equities</strong>_<br />
New postgraduate programme CRM Certified Risk Manager<br />
In partnership with the WHU – Otto Beisheim<br />
School of Management, <strong>DVFA</strong> launched a new<br />
qualification programme in spring 2010, CRM –<br />
Certified Risk Manager. It is aimed at specialists<br />
and managers from banks, savings and<br />
loans and credit unions, as well as auditors and<br />
risk consultants.<br />
The particular focus is on the strategic issues<br />
of holistic bank management, risk analysis and<br />
credit portfolio management, as well as regulatory and accounting rules. The practical<br />
relevance of the programme is ensured through intensive analysis of case studies.<br />
Demand for the new programme was extraordinary; a second course started in January<br />
2011, the third course will begin in September 2011.<br />
Partnership with FIRM - Frankfurter Institut für Risikomanagement<br />
und Regulierung and Goethe Business School<br />
<strong>DVFA</strong> GmbH offered the CRM programme in<br />
cooperation with the Frankfurter Institut für<br />
Risikomanagement und Regulierung (FIRM).<br />
FIRM is supported by the Gesellschaft für Risikomanagement<br />
und Regulierung e.V. – the members<br />
of which are from banks, services companies,<br />
professional associations and the State of<br />
Hesse. FIRM promotes relevant research projects<br />
and supports programmes with related certifications,<br />
such as the CRM postgraduate programme.
featu Training and Qualification_ <strong>Equities</strong>_<br />
First <strong>DVFA</strong> Symposium Risk Management in November 2010<br />
The first <strong>DVFA</strong> Symposium Risk Management – ‘New Challenges in Risk Management’<br />
played host to more than 120 participants at the <strong>DVFA</strong> Center in Frankfurt. In all, six<br />
talks by well-known guest speakers, along with a panel discussion, provided insight into<br />
the current progressions in risk management by banks and other service providers. The<br />
symposium called for a ‘new risk culture’ – consisting of regulatory rules and increased<br />
transparency, as well as tracking of risk through dynamic modelling.<br />
The speakers and their topics were:<br />
� Jörg Erlebach | Commerzbank AG | Divisional Board - Group Risk Controlling & Capital<br />
Management<br />
Risk-adequate Capitalisation of the Banking System under New Regulatory Regimes<br />
� Prof. Dr. Lutz Johanning | WHU Otto Beisheim School of Management<br />
Risk Management: between Regulation and Banking Practice<br />
� Rainer Rauleder | Deutsche Bank AG | Global Head of Capital Management & Treasurer<br />
Europe<br />
Treasury Management at a Global Bank<br />
� Dr. Andreas Peter | Dr. Peter & Company | CEO<br />
Stress Tests and Risk Concentrations at Banks<br />
� Bank Risk Governance<br />
Panel discussion moderated by:<br />
Wolfgang Hartmann | FIRM Frankfurter Institut für Risikomanagement und Regulierung e.V.<br />
Chairman of the Board of Managing Directors<br />
� Michael Arndt | BearingPoint GmbH | Partner Asset Based Finance (ABF)<br />
After the Crisis: Banks wedged between Liquidity Demands and Capital Relief<br />
� Prof. Dr. Edgar Löw | Ernst & Young AG | Partner | Head of Financial Accounting Advisory Services<br />
Current Changes in Bank Accounting<br />
47
48<br />
appendix<br />
Winfried Becker Fitch<br />
Ingbert Faust equinet Bank AG<br />
Guido Fladt PricewaterhouseCoopersAG<br />
Ralf Frank MBA <strong>DVFA</strong> GmbH<br />
Andreas Heinrichs Bank Vontobel Europe AG<br />
Guido Hoymann B. Metzler seel. Sohn & Co. KGaA<br />
Jochen Mathée BNP Paribas Investment Partners Belgium S.A.<br />
Gunnar Miller RCM/Allianz Global Investors KAG<br />
Uwe Otten Vontobel Securities AG<br />
Marion Scherzinger IRAS - Independent Research & Accounting<br />
Michael Schmidt Union Investment Privatfonds GmbH<br />
Dr. Peter-Noel Schömig Certified Financial Analyst<br />
Christian Krause Hauck & Aufhäuser Corporate Finance GmbH<br />
Members of <strong>DVFA</strong> Commissions & Expert Groups_<br />
CRUF Expert Group Financial Reporting Banks<br />
Expert Group Financial Reporting Real Estate<br />
Michael Beck Bankhaus Ellwanger & Geiger<br />
Martin Beck BDO Deutsche Warentreuhand AG<br />
Dr. Wilhelm Breuer Dr. Breuer Capital Market Advisory<br />
Dr. Alan Cadmus POLIS Immobilien AG<br />
Dr. Bernhard Funk Universität HAWK Hildesheim<br />
Stefan Goronczy HSH Nordbank AG<br />
Thomas Gütle Cordea Savills GmbH<br />
Dr. Sven Helmer Jones Lang Lasalle GmbH<br />
Sven-Erik Hintz Berenberg Bank<br />
Dr. Georg Kanders WestLB AG<br />
Kai Malte Klose Berenberg Bank<br />
Dr. Ulrich Nack TMW Pramerica Property Investment GmbH<br />
Prof. Dr. em. Heinz Rehkugler Deutsche Immobilien Akademie an der<br />
Universität Freiburg (DIA)<br />
Matthias Roche<br />
Clemens Schäfer RREEF Spezial Invest GmbH<br />
Christian Schulz-Wulkow Ernst & Young Real Estate GmbH<br />
Prof. Dr. Ramon Sotelo Bauhaus-Universität Weimar<br />
Prof. Dr. Matthias Thomas INREV<br />
Dieter Thomaschowski Iricic GmbH Investment Research in Change<br />
Membership Committee<br />
Nikolaus Brandl<br />
Dr. Hans-Peter Rathjens Allianz Global Investors/RCM<br />
Alice Kytka KfW IPEX-Bank GmbH<br />
Sabine Bohn DZ BANK AG<br />
Prof. Dr. Anne d’Arcy HEC University of Lausanne<br />
Guido Hoymann B. Metzler seel. Sohn & Co. KGaA<br />
Dr. Georg Kanders WestLB Research GmbH Prof.<br />
Prof. Dr. Edgar Löw KPMG Deutsche Treuhand AG<br />
Manfred Piontke FPM AG<br />
Klaus-Dieter Schallmayer Commerzbank Bank AG<br />
Volker von Krüchten Standard & Poor's<br />
Wolfgang Weigel PwC Deutsche Revision AG<br />
Expert Group Corporate Transaction & Valuation<br />
Dr. Christian Aders Duff & Phelps GmbH<br />
Dr. Johannes Adolff Hengeler Mueller<br />
Sven Arnold Handelshochschule Leipzig<br />
Dr. Ulrike Binder Mayer, Brown, Rowe & Maw LLP<br />
Henryk Ciesielski American Appraisal Germany GmbH<br />
Andreas Creutzmann IVA VALUATION & ADVISORY AG<br />
Karan Dehghani DWS Investment GmbH<br />
Dr. Mark-Ken Erdmann Bertelsmann AG<br />
Ralf Frank MBA <strong>DVFA</strong> GmbH<br />
Dr. Thomas Gasteyer Clifford Chance<br />
Dr. Martin Hebertinger UniCredit S.p.A.<br />
Dr. Karsten Heider CMS Hasche Sigle<br />
Julia Kersjes White&Case LLP<br />
Dr. Gerhard Killat Lazard & Co. GmbH<br />
Christian Krause Hauck & Aufhäuser Corporate Finance GmbH<br />
Dr. Lars M. Laeger Clifford Chance<br />
Dr. Hanns Ostmeier Bundesverb. dt. Kapitalbeteiligungsgesell. e.V.<br />
Prof. Dr. B. Schwetzler Handelshochschule Leipzig<br />
Christian Strenger DWS Investment GmbH<br />
Dr. Robert Weber White & Case LLP
appendix<br />
Expert Group Small Caps<br />
Ralph Bieneck Heidelberger Beteiligungsholding AG<br />
Peter Thilo Hasler BLAETTCHEN & PARTNER AG<br />
Dr. Bodo Kesselmeyer anuboXBRL GmbH & Co.KG<br />
Lars Kuhnke GFEI Aktiengesellschaft<br />
Petra Oetken Lucia Mathée IRC<br />
Prof. Dr. Max Otte IFVE GmbH<br />
Roger Peeters Close Brothers Seydler Research AG<br />
Thomas J. Schießle EQUI.TS GmbH<br />
Michael Vara Vara Research GmbH<br />
Commission Rating Standards<br />
Christian Albrecht DZ BANK AG<br />
Prof. Dr. Dr. h. c. J. Baetge Westfälische Wilhelms-Universität Münster<br />
Frank Cerveny DZ BANK AG<br />
Dr. Oliver Everling RATING EVIDENCE GmbH<br />
Martin Faßbender Deutsche Bundesbank<br />
Prof. Dr. Josef Fischer Georg-Simon-Ohm Hochschule Nürnberg<br />
Andreas Fischer Westfälische Wilhelms-Universität Münster<br />
Prof. Dr. Thomas Heidorn Frankfurt School of Finance & Management<br />
Christian Hesse Creditreform Rating AG<br />
Dr. Andreas Jerschensky ALTANA AG<br />
Christian Junk NRW.BANK<br />
Dr. Peter König <strong>DVFA</strong> GmbH<br />
Prof. Dr. Harald Krehl DATEV eG<br />
Prof. Dr. Jens Leker Westfälische Wilhelms-Universität Münster<br />
Dr. Michael Munsch Creditreform Rating AG<br />
Dieter Pape Pape & Co<br />
Jürgen Paskert KPMG AG Wirtschaftsprüfungsgesellschaft<br />
Inge Pawlik Commerzbank AG<br />
Dr. Karl Eugen Reis Dr. Reis und Kollegen GmbH & Co. KG<br />
Bodo Richardt Wirtschaftsprüfer & Steuerberater<br />
Dr. Eva-Maria Rid-Niebler BayBG Bayerische Beteiligungs GmbH<br />
Prof. Dr. H. Rommelfanger Johann Wolfgang Goethe-Universität<br />
Dr. Oliver Steinkamp<br />
Dr. Hans-Ulrich Templin Helaba Invest Kapitalanlagegesellschaft mbH<br />
Corinna Wolf Deutsche Bundesbank<br />
Karl-Heinz Wolf MORISON AG Wirtschaftsprüfungsgesellschaft<br />
Anna Yakimochkina Goethe-University Frankfurt<br />
Commission on Non Financials<br />
Prof. Dr. A. Bassen Universität Hamburg<br />
Ralf Frank MBA <strong>DVFA</strong> GmbH<br />
Dr. Hendrik Garz WestLB AG<br />
Frank Klein DB Advisors<br />
Thomas J. Schießle EQUI.TS GmbH<br />
Felix Schnella ÖKOWORLD LUX S.A.<br />
Florian Sommer Union Investment<br />
Christian Strenger DWS Investment GmbH<br />
Peter Walburg Green Investing<br />
Members of <strong>DVFA</strong> Commissions & Expert Groups_<br />
Commission Investment Performance Standards<br />
Herbert Jobelius DPG GmbH<br />
Thomas Kieselstein Quoniam Asset Management GmbH<br />
Michaela Krahwinkel Union Asset Management Holding AG<br />
Dr. Carsten Lüders BVI e.V.<br />
Jochen Menßen MÜNCHENER VEREIN Versicherungsgruppe<br />
Hans G. Pieper DPG GmbH<br />
Martin Schliemann FFA Frankfurt Finance Audit GmbH<br />
Dr. A. Schmidt-von Rhein Oppenheim Kapitalanlagegesellschaft mbH<br />
Annke von Tiling Deloitte & Touche GmbH<br />
Dr. Norbert Tolksdorff Sal. Oppenheim jr. & Cie. AG & Co. KGaA<br />
Dr. Carsten Wittrock zeb/rolfes.schierenbeck.associates.gmbh<br />
Commission Life Science<br />
Sascha Alilovic MorphoSys AG<br />
Dr. Christa Bähr DZ BANK AG<br />
Dr. Viola Bronsema BIO Deutschland e.V.<br />
Kai Brüning Sal. Oppenheim jr. & Cie. AG & Co. KGaA<br />
Ines-Regina Buth akampion<br />
Dr. Ralf Emmerich Capgemini Deutschland GmbH<br />
Andreas Heinrichs Bank Vontobel Europe AG<br />
Stefan Höfer Deutsche Börse AG<br />
Dr. Kai Gregor Klinger Asklepios Kliniken GmbH<br />
Dr. jur. Dr. med. A. Koyuncu Mayer Brown LLP<br />
Dr. Marie-Luise Lippert Deutsche Industrievereinigung Biotechnologie<br />
Dr. Solveigh Karola Mähler QIAGEN N.V.<br />
Dr. med. Markus Manns Union Investment Privatfonds GmbH<br />
Dr. Markus Metzger STADA Arzneimittel AG<br />
Dr. Martin Schnee Schnee Research<br />
Dr. Julia Schüler BioMedServices<br />
Prof. Dr. Jörg Vienken Fresenius Medical Care Deutschland GmbH<br />
Expert Group Bond Communication<br />
Prof. Dr. A. Bassen Universität Hamburg<br />
Prof. Dr. Wolfgang Blättchen BLÄTTCHEN FINANCIAL ADVISORY GmbH<br />
Uwe Burkert LBBW LB Baden-Württemberg<br />
Monica Fernandez DZ BANK AG<br />
Thomas Hövelmann Helaba - LB Hessen-Thüringen<br />
Frank Hussing Commerzbank AG<br />
Christoph Klein DB Advisors<br />
Michael Schiller Union Investment<br />
Dr. Markus Walchshofer Union Investment<br />
49
50<br />
appendix<br />
Successful graduates of the <strong>DVFA</strong> programmes in 2010_<br />
Götz Alles CCrA<br />
Dietmar Arzner CeFM<br />
Holger Basler CEFA, CeFM<br />
Daniel Baum CIIA, CEFA<br />
Jennifer Becherer CRM<br />
Sebastian Becker CIIA, CEFA<br />
Clemens Berendt CIWM, CeFM<br />
Mario Berndt CIIA, CEFA<br />
Marco Beyer CeFM<br />
Ümit Bilgili CRM<br />
Sabrina Binder CIIA, CEFA<br />
Bernhard Birgmann CIIA, CEFA<br />
Lorenz Blume CIIA, CEFA<br />
Barbara Böckelmann CIIA, CEFA<br />
Ariane Bockhold CREA<br />
Stefanie Boesensell CEFA, CRM<br />
Heiko Bollenbac CEFA, CeFM, ISSP<br />
Ingo Boxleitner CeFM<br />
Alexander Bräuer CIIA<br />
Anna Roza Brodalka CIIA, CEFA<br />
Armin Brotz CCrA<br />
Christoph Bruder CIIA, CEFA<br />
Anke Buddenberg CRM<br />
Irg Bührer CIIA<br />
Dennis Busse CeFM<br />
Stefan Buyer CCrA<br />
Marc Cavatoni CIIA, CEFA<br />
Ioannis Chatzipantazis CIIA, CEFA<br />
Damir Ciganovic CCrA<br />
Barbara Claus CIIA, CEFA<br />
Andreas Cornelißen CREA<br />
Bogdan Covaciu CIIA, CEFA<br />
Savas Demirtas CIIA, CEFA<br />
Stefanie Denzer CREA<br />
Nadia Derar CCrA<br />
Oliver Diers CRM<br />
Sebastian Dittrich CeFM<br />
Matthias Döscher CIIA, CEFA<br />
Marica Draganic CRM<br />
Bernhard Eder CIIA, CEFA<br />
Joachim Eisele CIIA, CEFA<br />
Pia Engel CIIA, CEFA<br />
Christian Engelhardt CIIA<br />
Markus Engelmann CCrA<br />
Katharina Ehrhardt CREA<br />
Oliver Falk CIIA, CEFA<br />
Holger Fechner CIIA, CEFA<br />
Min Feng CIIA, CEFA<br />
Sonia Fernández Cervera CIIA, CEFA<br />
Sandra Freisleben CIIA, CEFA<br />
Michael Frenzel CIIA, CEFA<br />
Patrick Furtwängler CeFM<br />
Daniel Fust CRM<br />
Patrick Ganzbuhl CIIA, CEFA<br />
Bernhard Geyer CCrA, CRM<br />
Harry Gohil CCrA, CRM<br />
Jan Christian Göhmann CIIA, CEFA<br />
Yvonne Göhner CRM<br />
Frank Greisel CIIA, CEFA<br />
Dr. Andreas Grob CIIA, CEFA<br />
Robert Gronegger CIIA, CEFA<br />
Sven Gruler CIIA, CEFA<br />
Sylvia Haas CRM<br />
Jürgen Häcker CRM<br />
Andreas Hackmann CREA<br />
Philip Hägele CCrA<br />
Stefanie Hahn CIIA, CEFA<br />
Konrad Hallhuber CCrA, CRM<br />
Knud Hansen CeFM<br />
Sven Hansen CRM<br />
Jan Philip Hasenritter CIIA, CEFA<br />
Manuela Haug CRM<br />
Dirk Heinrichs CCrA<br />
Alexander Heinzel CRM<br />
Hans Henkel CIIA, CEFA<br />
Dominic Hereth CIIA, CEFA<br />
Kathrin Herschlein CCrA<br />
Kai Herzog CIIA, CEFA<br />
Patrick Holdinger CIIA, CEFA<br />
Britta Holling CeFM<br />
Peter Hopp CREA<br />
André Hüsemann CREA<br />
Christian Jäcker CeFM<br />
Matthias Philipp Jäger CIIA, CEFA<br />
Lars Jaschinski CCrA<br />
Dirk Kaiser CCrA<br />
Heidi Käspaizer CREA<br />
Seong-Beom Kim CIIA, CEFA<br />
Christoph Kitz CRM<br />
René Klasen CIIA, CEFA<br />
Alexander Klein CIIA, CEFA<br />
Dr. Alexander Klein CRM<br />
Nadine Klingert CRM<br />
Boris Klöckner CIIA, CEFA<br />
Christian-Hendrik Knappe CIIA, CEFA<br />
Thomas Knispel CCrA, CRM<br />
Herbert Knötgen CREA<br />
Nicolas Koch CIIA, CEFA<br />
Martin Kötter CIIA, CEFA<br />
Tobias Krinner CIIA, CEFA<br />
Mathias Krischke CCrA, CRM<br />
Jan Krüger CeFM<br />
Ina Kubenke CeFM<br />
Daniel Kuhnen CCrA, CRM<br />
Rüdiger Lang CIIA, CEFA<br />
Markus Lautenschlager CIIA, CEFA<br />
Steffen Leitsch CCrA, CRM<br />
Gregor Lenders CeFM<br />
Thomas Lermer CIIA, CEFA<br />
Patrick Lindner CIIA, CEFA<br />
Christian Lips CIIA, CEFA<br />
Zhi Liu CIIA, CEFA<br />
Sandra Lobert CRM<br />
Dirk Lübbe CCrA<br />
Dirk Maag CeFM<br />
Andreas Mailänder CCrA<br />
Fragias Makridakis CRM<br />
Michael Maneck CIIA, CEFA<br />
Glenn Marci CIIA, CEFA<br />
Oliver Marx CIIA, CEFA<br />
Karin Mayer CIIA, CEFA<br />
Harald Meichelbeck CRM<br />
Matthias Melms CIIA, CEFA, CCrA<br />
Wiebke Merbeth CIIA, CEFA<br />
Sven Meyrer CIIA, CEFA<br />
Ronny Miersch CIIA, CEFA<br />
Kerstin Milberg CIIA, CEFA<br />
Daniel Milkus CREA<br />
Markus Mittermeier CIIA, CEFA<br />
Martin Mohr CREA<br />
Tim Möhren CRM<br />
Thomas Möller CeFM<br />
Alexander Möst CCrA<br />
Thorsten Müller CIIA, CEFA<br />
Jens Nagel CCrA<br />
Jens Nattermann CIIA, CEFA<br />
Rita Nemeth CREA<br />
Frank Neumann CIIA, CEFA<br />
Vera Nieß CIIA, CEFA<br />
Benjamin Nuspl CIWM, CEFA, CeFM<br />
Dr. Borris Orlikowski CREA<br />
Martin Ostermeier CeFM<br />
Levent Özgelen CIIA, CEFA<br />
Filiz Öztemir CCrA<br />
Ullrich Paczkowski CIIA, CEFA<br />
Mirko Pasternak CIIA, CEFA<br />
Liane Pöhlking CRM<br />
Christoph Pott CIIA, CEFA<br />
Marc Pötter CIIA, CEFA<br />
Katja Priess CCrA, CRM<br />
Christian Probszt CREA<br />
Anna Pytel-Flörke CREA<br />
Marcel Queckenberg CIIA<br />
Andreas Rau CeFM<br />
Konrad Rauße CCrA<br />
Nadine Rech CCrA<br />
Jörg Reifenberg CIIA, CEFA<br />
Sebastian Ressin CeFM<br />
Miriam Reuter CIIA<br />
Pascal Ries CREA<br />
Jann Robert CREA<br />
Alexandra Romanowski CRM<br />
Kai Röttgers CIIA, CEFA<br />
Kerstin Rummler CIIA, CEFA<br />
Peter Satinsky CeFM<br />
Rolf Schäfer CIIA, CEFA<br />
Günther Schäfer CCrA, CRM<br />
Dr. Christine Schäfer CREA<br />
Reinhard Schaffland CIIA, CEFA<br />
Robert Schamber CIIA, CEFA<br />
Matthias Schiestl CIIA, CEFA<br />
Jan Schippmann CAsM, CeFM<br />
Dominik Schlarmann CCrA<br />
Markus Schmid CCrA<br />
Stephan Schmidt CIIA, CEFA<br />
Markus Schmidt CCrA<br />
Gordon Schönell CIIA, CEFA<br />
Nicola Schrenick CRM<br />
Nicole Schütz CIIA, CEFA, CCrA<br />
Stefanie Schütze CCrA<br />
Kathrin Schwidder CREA<br />
Robert Schwind CIIA, CEFA<br />
Christian Schwind CRM<br />
Guido Seifert CIIA, CEFA<br />
Alexander Seith CCrA<br />
Patrick Siegert CeFM<br />
Jan Sobotta CIIA, CEFA<br />
Susanne Sotzek CRM<br />
Anton Spitlbauer CIIA, CEFA<br />
Lars Sprenkelmann CeFM<br />
Philip Stegner CRM<br />
Dana Steinbach CIIA, CEFA<br />
Carmen Stephan CEFA, CeFM<br />
Iris Streit CCrA, CRM<br />
Kevin Domenico Struck CIIA<br />
David Sütterle CIIA, CEFA<br />
Michael-Günter Teichmann CIIA, CEFA<br />
Philip Teuchner CRM<br />
Matthias Tewes CeFM<br />
Patrick Traughber CIIA<br />
Martin Trilling CIIA, CEFA<br />
Andreas Urich CCrA<br />
Ulrike Viehl CeFM<br />
Ina Vollmann CIIA, CEFA<br />
Jan von Graffen CIIA, CEFA<br />
Timo Vorderer CREA<br />
Klaus Wagner CRM<br />
Frank Weber CIIA, CEFA<br />
Till Wenke CREA<br />
Jan-Patrick Weuthen CeFM<br />
Hiltrud Wick CREA<br />
Peter Wieser CIIA, CEFA<br />
Carsten Winter CCrA<br />
Robert Wolf CREA<br />
Daniel Wölk CREA<br />
Stefan Wolpert CIIA, CEFA<br />
Johannes Wutz CIIA, CEFA
appendix<br />
Joachim Alt CIIA, CEFA<br />
Martin Annighöfer CEFA<br />
Daniel Baum CIIA, CEFA<br />
Dr. Roger Becker CEFA<br />
Melanie Bischoff CIIA, CEFA<br />
Falko Block CIIA, CEFA<br />
Jörg Bohnenkamp CIIA, CEFA<br />
Anna Roza Brodalka CIIA, CEFA<br />
Michael Busch CIIA, CEFA<br />
Henryk Ciesielski CEFA<br />
Marius Gero Daheim CIIA, CEFA<br />
Andreas Deeng CIIA,CEFA<br />
Wolfgang Deschka CIIA, CEFA<br />
Nicole Deser CEFA, CFA<br />
Andreas Dimopoulos CIIA, CEFA<br />
Dr. Wolfram Eichner CEFA<br />
Uwe Eilers CEFA<br />
Christian Engelhardt CIIA<br />
Oliver Falk CIIA<br />
Min Feng CIIA, CEFA<br />
Isabel Fernandez-Ariza CEFA<br />
Dr. Hans-Jörg Frantzmann<br />
David Gaschik CIIA, CEFA<br />
Alexander Geschwindner CIIA, CEFA<br />
Florian Giesecke CIIA, CEFA<br />
Stefan Groeters CIIA, CEFA<br />
Sonja Hack CIIA, CEFA<br />
RA Veith A. Hamper CEFA<br />
Paul Hanau CEFA<br />
Kai Hastenrath CEFA<br />
Dirk Hedderich CIIA, CEFA<br />
Thomas Hens CIIA,CEFA<br />
Gerald Hespelt CEFA, CIWM, CeFM<br />
Anke Junge CIIA, CEFA<br />
René Klasen CIIA, CEFA<br />
Frank Klein<br />
Alexander Klein CIIA, CEFA<br />
Ursula Klein<br />
Stephan Klinke CIIA, CEFA<br />
Michael Knupfer CEFA<br />
Dr. Peter König<br />
Christian Krause CEFA<br />
Elke Kurlbaum-Stanzel<br />
Annette LeBaron CEFA<br />
Frank Leber CIIA,CEFA<br />
Robert Leisner CIIA,CEFA<br />
Rainer Lenz CIIA, CEFA<br />
Olaf Liebeskind CIIA, CEFA<br />
Jörn Ligges CIIA, CEFA<br />
Zhi Liu CIIA, CEFA<br />
Prof. Dr.Dr. h.c. Otto Loistl<br />
Peter Loll CEFA, CIIA<br />
Ingo Ralf Mainert<br />
Oliver Maslowski CIIA<br />
Karin Mayer CIIA, CEFA<br />
Mario Müller-Johansson CIIA, CEFA<br />
Jens Nattermann CIIA, CEFA<br />
Karl Olbert<br />
Marc Ospald CIIA, CEFA<br />
Karsten Piater CBA, CIIA<br />
Alexander Proppert CIIA, CEFA<br />
Ralf Raebel CIIA, CEFA<br />
Alumnis_<br />
Sebastian Reuter CIIA, CEFA<br />
Hans Christoph Ries<br />
Thomas Ruf<br />
Andreas Russnak CIIA, CEFA, ISSP<br />
Michael Schickling<br />
Thomas J. Schießle<br />
Stephan Schrade CIIA, CEFA<br />
Christian Schreiner CIIA, CEFA<br />
Hans-Joerg Schreiweis<br />
Michael Schubert<br />
Robert Schwind CIIA, CEFA<br />
Guido Seifert CIIA, CEFA<br />
Selina Sezen ISSP, CEFA<br />
Wilfried Siegmund<br />
Eva Sonnenschein CEFA<br />
Jan Stehr CEFA<br />
Jana Stibale CEFA<br />
Dieter Thomaschowski CEFA<br />
Thomas W. Tilse<br />
Patrick Traughber CIIA<br />
Michael Vara CEFA<br />
Alexander Vollet<br />
Jan von Graffen CIIA, CEFA<br />
Stefan Watzka CIIA<br />
Christina Wettstein CIIA, CEFA<br />
Dr. Stefan F. Wilhelm<br />
Martin K. Wilhelm CEFA<br />
Tanja Zander CEFA<br />
Michael zu Salm-Salm<br />
51
Society of Investment Professionals in Germany