Institutional Money, Ausgabe 1 | 2026

8P GLH /RFNHUXQJ GHU %HGHFNXQJVSijLFK - WHQ ]X HUUHLFKHQ ZXUGHQ gQGHUXQJHQ DP 9HUVLFKHUXQJVDXIVLFKWVJHVHW] QRWZHQGLJ 7KRPDV 2EHQEHUJHU HUOÌXWHUW GLH %HGLQ - JXQJHQ JHQDXHU Ľ'LH QXQPHKULJH gQGH - UXQJ GHV 9$* OÌVVW ł LQ $QOHKQXQJ DQ GLH VFKRQ EHVWHKHQGH 5HJHOXQJ IĞU 3HQVLRQV - IRQGV LQ ʼn $EVDW] XQG 9$* ł HLQH YRUĞEHUJHKHQGH 8QWHUGHFNXQJ GHU YHUVL - FKHUXQJVWHFKQLVFKHQ 9HUSijLFKWXQJHQ ]X %XFKZHUWHQ XP ELV ]X ]HKQ 3UR]HQW ]X VRIHUQ GLH 3HQVLRQVNDVVH HLQH GLH 8QWHU GHFNXQJ JHVWDWWHQGH 5HJHOXQJ LQ LKUHU 6DW - ]XQJ JHVFKDȬHQ KDW XQG HLQ YRUDE YRQ GHU $XIVLFKWVEHKĆUGH JHQHKPLJWHU 6LFKHUXQJV - YHUPĆJHQVSODQ ]XU 6FKOLHĕXQJ GHU 8QWHU - GHFNXQJ PLW HLQHP RGHU PHKUHUHQ 7UÌJHU - XQWHUQHKPHQ RGHU 'ULWWHQ EHVWHKWĺ VDJW 2EHQEHUJHU Abkehr von Überregulierung 'HU 6LFKHUXQJVYHUPĆJHQVSODQPXVV:7: ]XIROJH GDUOHJHQ ZLH GLH 8QWHUGHFNXQJ LQQHUKDOE HLQHV =HLWUDXPV YRQ PD[LPDO ]HKQ -DKUHQ ZLHGHU EHVHLWLJW ZHUGHQ VROO XQG ]XGHP VLFKHUVWHOOHQ GDVV GLH 6ROYD - ELOLWÌWV XQG 0LQGHVWNDSLWDODQIRUGHUXQ - JHQ VWHWV YROOXPIÌQJOLFK HLQJHKDOWHQ ZHU - GHQ Ľ=XVÌW]OLFKH 9RUDXVVHW]XQJ LVW GDVV GLH EHWHLOLJWHQ 7UÌJHUXQWHUQHKPHQ LQ GHP 3ODQ UHFKWVYHUELQGOLFK ]XVDJHQ GDVV VLH GLH ]XU 'XUFKIĞKUXQJ GHV 6LFKHUXQJVYHU - PĆJHQVSODQV HUIRUGHUOLFKHQ ljQDQ]LHOOHQ 0LWWHO ]XU 9HUIĞJXQJ VWHOOHQĺ VR 2EHQ - EHUJHU 'LH 1XW]XQJ GHU 5HJHOXQJ EOHLEH DOVR .DVVHQ PLW XQWHUVWĞW]XQJVZLOOLJHQ 7UÌJHUXQWHUQHKPHQ YRUEHKDOWHQ Ľ$OOHU - GLQJV NĆQQWH GLH %HUHLWVFKDIW YRQ $UEHLWJH - EHUQ ]XP$EVFKOXVV YRQ 6LFKHUXQJVYHUPĆ - JHQVSOÌQHQ DXIJUXQG GHU LP 9HUJOHLFK ]X DQGHUHQ (LJHQPLWWHOVXUURJDWHQ ijH[LEOHUHQ *HVWDOWXQJVPĆJOLFKNHLWHQ VWHLJHQĺ HUZDU - WHW 2EHQEHUJHU XQG VHLQ .ROOHJH 9RONHU 0HXVHUV VDJW Ľ6LFKHUOLFK ZLUG HV DXFK HLQH 5ROOH VSLHOHQ ZHOFKH $QIRUGHUXQJHQ YRQ 6HLWHQ GHU $XIVLFKWVEHKĆUGH DQ GHUDUWLJH 6LFKHUXQJVYHUPĆJHQVSOÌQH JHVWHOOW ZHUGHQ 'LHV LVW PDQJHOV $QZHQGXQJVIDOO GHU]HLW QRFK XQNODUĺ *HIUDJW QDFK LKUHU .ULWLN RGHU $QUHJXQ - JHQ KLQVLFKWOLFK GHV %56* ,, XQG GHU )ĆU - GHUXQJ GHU EHWULHEOLFKHQ $OWHUVYRUVRUJH YRU GHP +LQWHUJUXQG GHU 5HQWHQNRP - PLVVLRQ DQWZRUWHQ GLH :7:([SHUWHQ 7KRPDV 2EHQEHUJHU XQG 9RONHU 0HXVHUV HKHU YHUKDOWHQ Ľ'DV %56* ,, VWHOOW NHLQH JUXQGOHJHQGH 6WUXNWXUUHIRUP GHU EHWULHE - OLFKHQ $OWHUVYHUVRUJXQJ GDU VRQGHUQ HQW - KÌOW ]DKOUHLFKH NOHLQHUH ĞEHUZLHJHQG VLQQ - YROOH $QSDVVXQJHQĺ (LQ VXEVWDQ]LHOOHU 'XUFKEUXFK EHL GHU 9HUEUHLWXQJ GHU E$9 VHL MHGRFK QLFKW ]X HUZDUWHQ GD ]HQWUDOH VWUXNWXUHOOH +HPPQLVVH ł LQVEHVRQGHUH GLH JHULQJH $UEHLWJHEHUDNWLYLWÌW LQ NOHLQHQ XQG PLWWOHUHQ 8QWHUQHKPHQ ł QLFKW EHVHLWLJW ZĞUGHQ 9RU GHP +LQWHUJUXQG GHU 5HQ - WHQNRPPLVVLRQ JHOWH GDKHU Ľ(LQH QDFK - KDOWLJH 6WÌUNXQJ GHU $OWHUVVLFKHUXQJ HUIRU - GHUW HLQ =XVDPPHQVSLHO DOOHU GUHL 6ÌXOHQ 'LH E$9 LVW GDEHL HLQ XQYHU]LFKWEDUHU 3IHL - OHU EHQĆWLJW MHGRFK 5DKPHQEHGLQJXQJHQ GLH $UEHLWJHEHU XQG $UEHLWQHKPHU WDWVÌFK - OLFK PRWLYLHUHQĺ 9RU GHP +LQWHUJUXQG GHU 5HQWHQNRP - PLVVLRQ IRUGHUW GLH DED .ODXV 6WLHIHUPDQQ ]XIROJH IĞU GLH JHVDPWH E$9 ĽYRU DOOHPHLQH VWÌUNHUH VWUDWHJLVFKH 5ROOH GHU EHWULHEOLFKHQ $OWHUVYRUVRUJH LQ GHU *HVDPWDUFKLWHNWXU GHU $OWHUVYRUVRUJHĺ =XGHP VHW]H VLH DXI ĽYHU - OÌVVOLFKH ODQJIULVWLJH XQG YRU DOOHP ]LHOIĞK - UHQGH 5DKPHQEHGLQJXQJHQ LQVEHVRQGHUH LP 6WHXHU XQG 6R]LDOYHUVLFKHUXQJVUHFKW HLQH (QWEĞURNUDWLVLHUXQJ XQG 'LJLWDOLVLH - UXQJ VÌPWOLFKHU 3UR]HVVH HLQHQ OHLFKWH - UHQ =XJDQJ ]XU UHLQHQ %HLWUDJV]XVDJH XQG HLQH $ENHKU YRQ GHU ¶EHUUHJXOLHUXQJ KLQ ]X HLQHU DQJHPHVVHQHQ 5HJXOLHUXQJĺ IDVVW GHU DED *HVFKÌIWVIĞKUHU ]XVDPPHQ Ľ)ĞU (LQULFKWXQJHQ GHU EHWULHEOLFKHQ $OWHUVYRU - VRUJH KHLĕW GLHV YRU DOOHP GDVV GHP NROOHN - WLYHQ &KDUDNWHU YRQ $OWHUVYHUVRUJXQJVV\V - WHPHQ DQJHPHVVHQ5HFKQXQJ ]X WUDJHQ LVW DXI YLHOH 5HJXOLHUXQJHQ GLH IĞU $QELHWHU SULYDWHU )LQDQ]SURGXNWH DQJHPHVVHQ VHLQ PĆJHQ NDQQ XQG VROOWH YHU]LFKWHW ZHUGHQĺ 'LH $EVLFKHUXQJ GHV /DQJOHELJNHLWVULVLNRV JHOLQJH ĽDP EHVWHQ LP .ROOHNWLYĺ NRQVWD - WLHUW .ODXV 6WLHIHUPDQQ DANIELA ENGLERT Im PensionsEurope Report 2024 findet sich folgende Grafik, die die Bevölkerungsentwicklung zwischen 2022 und 2070 illustriert. Demnach wird die erwerbsfähige Bevölkerung (Alter 20 bis 64 Jahre) stärker schrumpfen als die Gesamtbevölkerung. Quelle: PensionsEurope, Europäische Kommission (The 2024 Ageing Report) EU: Bevölkerung nach Altersgruppe und Geschlecht 2022 und 2070, in Tsd. BRSG II STEUER & RECHT 1/2026 | institutional-money.com 257 90+ 85-89 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 0 0 4.000 4.000 8.000 8.000 12.000 12.000 16.000 16.000 2070 2022