Die Master-Kapitalverwaltungsgesellschaft

The so-called Master-Kapitalverwaltungsgesellschaft (Master-KVG) does not provide all functions of the value-added chain of asset management itself but rather sources sections like the portfolio management out to specialized experts. With regard to the AIFMD-Regulation and the KAGB arises the question how far the portfolio management may still completely be outsourced without the KVG becoming a letter-box entity in the meaning of the AIFMD. This is the core issue of the thesis.

Based on the value-added chain of asset management the thesis points out the concept of a Master-KVG and its competitive strategy as well as the advantages for providers and professional clients. In this context the thesis offers an overview of the fundamental structural innovations which came along with the AIFMD-Regulation. The interpretation focuses on the regulations regarding the delegation of AIFM functions according to the six levels of the lamfalussy procedure.