FERI expects demand for alternative investments such as private markets (private equity, infrastructure, real estate) and hedge fund investments to continue rising strongly in the coming years. FERI currently manages alternative investments exceeding 18 billion euros, making it one of the largest providers in Germany.
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In institutional asset management, FERI offers a broad range of asset management services for institutional investors. Our investment specialists have many years of experience in all asset classes and follow a multi-asset approach ranging from the development and implementation of individual investment strategies to quantitative risk management and control.
FERI expects demand for alternative investments such as private markets (private equity, infrastructure, real estate) and hedge fund investments to continue rising strongly in the coming years. FERI currently manages alternative investments exceeding 18 billion euros, making it one of the largest providers in Germany.
For more than 20 years, we have been offering our clients individually tailored risk management solutions. Market risks are actively managed according to risk and return parameters jointly defined in advance.
FERI is a byword for comprehensive, individual, transparent and sustainable advice and support for private clients. With over 30 years of experience, we offer private investors a wide range of asset management services.
For us, your requirements and needs are the basis for planning and optimising your asset structure. We always keep an eye on all legal and tax aspects and try to bring about improvements for you. As we work strategically on a long-term basis, we place a strong focus on comprehensive future and succession planning. Foundation consulting is also part of our strategic asset structuring.
The FERI family office is the strategy advisor for your assets. We offer services ranging from strategic asset planning, implementation consulting and results monitoring and controls, through risk management and asset protection strategies to sustainability consulting.
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FERI offers its clients the entire process of investment consulting and has continuously developed it since the 1990s. Thanks to our extensive experience, self-developed research and analysing tools and the access to around 250 employees in all areas of the investment process, we create significant added value for our clients through our range of consulting services.
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Economics Update March 2024 - Despite good prospects: India is not a second China

Bad Homburg, 3/5/2024
by Axel D. Angermann
  • Structural problems make it difficult to exploit high growth potential 

  • Government reform efforts need time

  • Detailed analysis of investment opportunities and risks remains essential

India is often regarded as the "second China" due to its considerable economic strength, which is based on a young population, increasing urbanization and a rapidly growing middle class. The hope that India could replace its large neighbor as the engine of the global economy has led to considerable capital movements out of China and into India in recent years. However, despite current high growth rates of more than 6 percent a year, it is anything but certain that the Indian economy will be able to achieve a similarly steep rise to that of China. There are serious differences between the two economies. 

India's growth is based on domestic consumption

India is pursuing a consumption-oriented growth model, whereas China has focused on export-oriented growth in recent decades, particularly in the industrial sector. China's imports have therefore provided considerable impetus for growth in the global economy. India cannot replace China in this respect because Indian industry plays a much smaller role in the overall economy.

Education system and weak infrastructure as obstacles 

The growth potential resulting from India's younger population structure has so far been underutilized: India's education system performs poorly in international comparison, with the result that a large number of young Indians have inadequate qualifications and there is a shortage of skilled workers in some sectors of the economy despite the general oversupply of labor. The low participation of women in the labor market, which is caused by restrictions on women's access to education and conservative family images, is also an obstacle.

The partially underdeveloped infrastructure in India is also an obstacle to growth: poorly developed roads, a lack of railroad lines and inefficient airports lead to delays in the supply chain and deter foreign companies from investing. Inefficient bureaucracy, corruption and complicated labor laws continue to hamper entrepreneurial activity.


Numerous reform approaches for a modern India

The Indian government under Prime Minister Modi can certainly be credited with the will to reform: A number of projects have already been initiated: "Make in India" promotes the industrial sector in particular - alongside other sectors - by facilitating investment, encouraging innovation and protecting property rights more strongly. The "Atmanirbhar Bharat" ("Independent India") initiative is also designed to support the economy, infrastructure and technological systems. A reform of the supply chains for agriculture is also part of the program, as is the simplification of laws and the tax system. The education system is to be reformed through the National Education Policy 2020 campaign, which aims to remove restrictions on access to educational institutions and significantly improve the overall quality of education for young Indians.

However, 10 years of the Modi government show that even in the "world's largest democracy", structural obstacles cannot be removed quickly and easily. Investors will therefore have to take a close look in the future as well to see in which areas the progress made actually makes investment worthwhile and in which areas this is not the case.


About Axel D. Angermann

As Chief Economist of the FERI Group, Axel D. Angermann analyzes the economic, monetary policy and structural developments of all markets that are important for asset allocation. His analyses form the basis for the strategic orientation of FERI's multi-asset strategy, for which the CIO of the FERI Group, Dr. Marcel V. Lähn, is responsible. Angermann himself has been responsible for FERI's analyses and forecasts for the overall economy and the international financial markets since 2008. He joined the company in 2002 as a macro analyst. His professional career began at the Max Planck Institute for Economics and the German Chemical Industry Association. Angermann studied economics in Berlin and Bayreuth.

About FERI

The FERI Group, headquartered in Bad Homburg, Germany, was founded in 1987 and has developed into one of the leading multi-asset investment houses in the German-speaking region. FERI offers tailor-made solutions for institutional investors, family assets and foundations in the business areas:

Founded in 2016, the FERI Cognitive Finance Institute acts as a strategic research center and creative think tank within the FERI Group, with a clear focus on innovative analyses and method development for long-term aspects of economic and capital market research.

Together with MLP, FERI currently manages assets of approximately €56 billion, including around €18 billion in alternative investments. In addition to its headquarters in Bad Homburg, the FERI Group has offices in Düsseldorf, Hamburg, Munich, Luxembourg, Vienna and Zurich.

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Media relations contact

Marcel Renné

Chairman of the Board & CEO

Rathausplatz 8-10

D-61348 Bad Homburg

Axel Angermann