Institutional Money, Ausgabe 4 | 2025

/ĆVXQJHQ IĞU VSH]LljVFKH /ÌQGHU RGHU 5HJLRQHQ DQ GHUHQ %HGĞUIQLVVHQ XQG UHFKWOLFKHQ *HJHEHQKHLWHQ RULHQWLHUHQ PXVV 6FKOLHĕOLFK KDW MHGHV /DQG VHLQH HLJHQH .XOWXU Das klingt durchaus einleuchtend, wenn auch etwas vage. Was meinen Sie konkret? Patrick Sobotta: *HUDGH GHU GHXWVFKH 0DUNW KDW IĞU XQVHU JOREDOHV :DFKVWXP HLQH 6FKOĞVVHOUROOH JHVSLHOW ,QQHUKDOE YRQ ]HKQ -DKUHQ KDEHQ ZLU GLH $VVHWV XQGHU 0DQDJHPHQW YRQ UXQG GUHL 0LOOLDUGHQ DXI ĞEHU 0LOOLDUGHQ (XUR VWHL- JHUQ NĆQQHQ (QWVFKHLGHQG ZDU VLFKHU HLQ EUHLW GLYHUVLlj- ]LHUWHV $QJHERW PLW /ĆVXQJHQ IĞU DOOH ,QYHVWPHQWEHUHLFKH ]X KDEHQ ł YRP WUDGLWLRQHOOHQ0DQDJHPHQW LQ$NWLHQIRQGV XQG 5HQWHQSRUWIROLRV ELV KLQ ]X DOWHUQDWLYHQ 6WUDWHJLHQ XQG $QJHERWHQ IĞU GLH 3ULYDWH 0DUNHWV =XP DQGHUHQ VHW]HQ ZLU GDEHL EHZXVVW DXI ORNDOH ([SHUWLVH 'LH 7HDPV LQ XQVH- UHP)UDQNIXUWHU %ĞUR VLQG GLYHUV DXIJHVWHOOW XQG YHUVWHKHQ GHQ GRUWLJHQ 0DUNW XQG VHLQH %HVRQGHUKHLWHQ 'DV ]DKOW VLFK DXV XPQDFKKDOWLJH .XQGHQEH]LHKXQJHQ DXI]XEDXHQ Fabrice Chemouny: (LQ JXWHV %HLVSLHO LQ GLHVHP=XVDPPHQ- KDQJ LVW PHLQHU $QVLFKW QDFK GHU $XIEDX HLQHU HLJHQHQ 3UL- YDWH 0DUNHW $FDGHP\ GLH 3DWULFN 6RERWWD LQ VHLQHU )XQN- WLRQ DOV 'HXWVFKODQGFKHI XQG +HDG RI &HQWUDO (DVWHUQ (XURSH OHLWHW 'LH ,GHH GDKLQWHU :LU ZROOWHQ GDV :LVVHQ XQG GHQ $XVWDXVFK ĞEHU GLH $QODJHNODVVH 3ULYDWH $VVHWV IĞU SURIHVVLRQHOOH ,QYHVWRUHQ VSH]LHOO LPGHXWVFKVSUDFKLJHQ 5DXP VRZLH LQ =HQWUDO XQG 2VWHXURSD IĆUGHUQ LQGHP ZLU LQVWLWXWLRQHOOH $QOHJHU DEHU DXFK )DPLO\ 2ȯFHV XQG (QWVFKHLGHU DXV GHP3ULYDWH %DQNLQJ LQ HLQHQ 'LDORJ EULQ- JHQ 'LHVHV .RQ]HSW GDV LQ'HXWVFKODQG HQWZLFNHOW ZXUGH KDEHQ ZLU PLWWOHUZHLOH DXFK IĞU DQGHUH /ÌQGHU DQJHSDVVW Patrick Sobotta: 8QVHU $QVDW] GDEHL LVW EHLGH :HOWHQ ł HWD- EOLHUWH LQVWLWXWLRQHOOH ,QYHVWRUHQ XQG UHODWLY QHXH $QOHJHU DXV GHQ %HUHLFKHQ 3ULYDWH %DQNLQJ XQG :HDOWK 0DQDJH- PHQW ZLH DXFK GHU 5HWDLOZHOW ł ]XVDPPHQ]XEULQJHQ XP JHPHLQVDP GDV )HOG GHU SULYDWHQ 0ÌUNWH ZHLWHU]XHQW ZLFNHOQ 9LHOH HUIDKUHQH $NWHXUH VHW]HQ VFKRQ VHLW -DKU]HKQ- WHQ DXI 3ULYDWH (TXLW\ 3ULYDWH 'HEW RGHU ,QIUDVWUXNWXU 'HQ- QRFK VWHOOW VLFK DXFK IĞU VLH GLH )UDJH %OHLEH LFK DXIJUXQG GHU 3ODQXQJVVLFKHUKHLW EHL NODVVLVFKHQ )RQGVVWUXNWXUHQ RGHU HQWVFKHLGH LFKPLFK EHVVHU IĞU GLH LQ MĞQJHUHU =HLW DXI- JHNRPPHQHQ (YHUJUHHQ )RQGV GLHPLU HLQH ODXIHQGH /LTXL- GLWÌW ELHWHQ XQG HYHQWXHOO GLH EHVVHUH $QWZRUW DXI UHJXOD- WRULVFKH 9RUJDEHQ XQG 6ROYHQF\ $QIRUGHUXQJHQ JHEHQ" Wie lautet denn Ihre Antwort? Patrick Sobotta: 0HLQHU $QVLFKW QDFK JLEW HV LQ GLHVHU )UDJH NHLQ SDXVFKDOHV (QWZHGHU 2GHU 'HVKDOE LVW HV VR ZLFKWLJ .XQGHQ LQ GLH /DJH ]X YHUVHW]HQ GLH RSWLPDOH /ĆVXQJ KLQ- VLFKWOLFK LKUHU =LHOVHW]XQJ LKUHV 5LVLNRDSSHWLWV XQG LKUHV /LTXLGLWÌWVEHGDUIV ]X ljQGHQ 'DEHL ZROOHQ ZLU PLW XQVH- UHP $NDGHPLH 3URMHNW KHOIHQ 1DWĞUOLFK EHREDFKWHQ DXFK ZLU LP DNWXHOOHQ =LQVXPIHOG HLQH $UW 5ĞFNNHKU ]X WUDGL- WLRQHOOHQ )L[HG ,QFRPH /ĆVXQJHQ ZDV MD GXUFKDXV VLQQYROO VHLQ NDQQ $EHU JHUDGH DQJHVLFKWV GHU .RQJUXHQ] YRQ ODQJ- IULVWLJHQ 9HUSijLFKWXQJHQ XQG ODQJIULVWLJHP (QJDJHPHQW ZLUG GLH 5HOHYDQ] YRQ 3ULYDWH $VVHWV EOHLEHQ Dennoch: Institutionelle Investoren mussten hohe Abschreibun- gen auf ihre illiquiden Assets vornehmen. Warnungen, dass die hohe Nachfrage nach Private Assets die Gefahr einer Blasenbil- dung mit sich bringen könnte, nehmen deutlich zu. Fabrice Chemouny: 'HVKDOE LVW HV MD VR ZLFKWLJ EHL GHU 3RUW- IROLRLQWHJUDWLRQ QLFKW QXU IĞU HLQH RSWLPDOH 'LYHUVLljNDWLRQ ]X VRUJHQ VRQGHUQ DXFK HLQH VRUJIÌOWLJH 'XH 'LOLJHQFH XQG GLH $XVZDKO VWDUNHU 3DUWQHU VLFKHU]XVWHOOHQ 7URW] GHU MĞQJV- WHQ =ZLVFKHQIÌOOH ZLUG QLHPDQG LQ =ZHLIHO ]LHKHQ GDVV JHUDGH 3ULYDWH $VVHWV DXI ODQJH 6LFKW DWWUDNWLYH 5HQGLWHQ ELH- WHQ GLH ]XP7HLO GHXWOLFK KĆKHU DXVIDOOHQ DOV GLH 9HU]LQVXQJ DQ ĆȬHQWOLFK JHKDQGHOWHQ 5HQWHQPÌUNWHQ 'HU %HGDUI DQ $OWHUQDWLYHQ ]X WUDGLWLRQHOOHQ $QOHLKHQ LVW HLQIDFK GD GDV 0DUNWYROXPHQ ZÌFKVW VWHWLJ :LU VHKHQ HV DOV XQVHUH $XI- JDEH GLHVHV:DFKVWXPPLW $XJHQPDĕ ]X EHJOHLWHQ XQG YRU » Innerhalb von zehn Jahren haben wir die Assets under Management in Deutschland von rund drei Milliarden auf über 20 Milliarden Euro steigern können. « Patrick Sobotta, Head of Central & Eastern Europe, Natixis Investment Managers 72 N o . 4/2025 | institutional-money.com THEORIE & PRAXIS | Fabrice Chemouny + Patrick Sobotta | Natixis FOTO: © FRANÇOIS DABURON FÜR INSTITUTIONAL MONEY : XYZ