Germany establishes a mutual-funds ombudsman

02 September 2011

German fund managers have been obliged to set up a new national investor complaints service, as the latest funds regulations from Europe make their presence felt.

The BVI, or Bundesverband Investment und Asset Management, has funded and launched a central Ombudsman's office for the mutual-funds industry, based in Berlin and led by two judges - Gerd Nobbe, a retired chief justice at Germany's federal court, and Wolfgang Arenhövel, president of the Hanseatic Higher Regional Court in Bremen. The "impulse" for the new service, according to a BVI spokesman, was the implementation in German law of the latest UCITS regulation, UCITS IV - a European legal code which governs mutual funds that can be sold in any EU Member State.

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