During the corona crisis, banks and financial sales companies had a problem: Selling products that are subject to an obligation to provide advice turned out to be difficult, sometimes impossible.
This experience in connection with a generally changed, i.e. more internet-based customer behavior was a motivation for Commerz Real, Commerzbank's real assets specialist, to intensify its efforts to become a digital asset manager.
Martin Hock
Editor in business.
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It is now the first company to offer a completely digital option to subscribe to a product requiring advice - without a personal conversation with an investment advisor, although this is expressly not intended as a substitute, but as a supplement.
Initially, this only applies to one product, the “Klimavest” impact fund.
This is a so-called Eltif (European Long Term Investment Fund), an instrument that is not yet common in Germany, which also has special regulatory requirements, not only in terms of knowledge and experience, but also in terms of assets and the associated minimum and maximum subscription amounts .
Similar to crowd investing
Anyone who has already completed crowd investments knows the procedure of the digital adequacy test. The questions about income and wealth status are very similar. However, the examination process had to be adapted to the special requirements of the Eltif. That was quite a challenge, according to the cooperation partners of Commerz Real, Capital Pioneers and Xpecto, who hope that the project will mark the beginning of fully digital fund subscription.
The shares can be booked into any securities account - this is one of the advantages of the Eltif. In addition, units can be returned every trading day and, unlike other real asset funds, there is always up-to-date information on the net asset value for an Eltif, which can be viewed in the custody account. On the other hand, due to other provisions “for the protection of investors”, the price chart may not be shown everywhere. This is also not the case on FAZ.NET - one of the most absurd provisions of investor protection at all.
The Klimavest is the first impact fund for private investors that focuses on real assets, according to Commerz Real.
During its term, it is to build up a portfolio of systems for the generation of renewable energies as well as sustainable infrastructure, mobility and forestry worth a total of at least 25 billion euros, of which around 10 billion euros are equity.
In contrast to conventional sustainability funds, the Klimavest invests in assets that make a measurable and thus verifiable contribution to reducing CO2 emissions.
The aim is to achieve an annual return of 3 to 4 percent.
You can subscribe from 10,000 euros.
However, the requirement of an Eltif is that it may make up a maximum of 10 percent of the financial assets, which must also exceed 100,000 euros.
During their engagement, investors receive regular reports not only on the performance but also on the climate impact of the fund. Commerz Real recommends a minimum holding period of five years, with a total term of the Klimavest until 2070.