A4 für Copyshop GB.indd - Bayerische Landesbank

48 BayernLB – our company
and the USA. The first asset backed securities transaction in November 2004, certified
by TSI GmbH, represented a major step for the German securitisation market.
In client-driven securities and money market business, BayernLB was once again able
to support the Bavarian savings banks in the area of own securities. Structured securi-
ties products in particular enjoyed a pleasing pick-up in turnover. These products are
becoming increasingly important for the derivatives business of the savings banks.
In business with national investors, the focus shifted towards prime borrowers and
yield curves. Underwriting competence in this segment was considerably enhanced,
particularly in the areas of MTN drawings, euro investments and corporate bonds.
Bayern-Invest KAG
In 2004, there was a perceptible wait-and-see attitude in new special funds business,
due not least to lack of regulatory clarity. With assets totalling around EUR 15 billion
under its management, Bayern-Invest was more than capable of maintaining its posi-
tion in a challenging market environment. This was the case for both special funds
business and institutional asset management.
The increased demands of institutional investors were met thanks to enhanced strate-
gic focus in the areas of products and services. New mandates were gained in particu-
lar through the asset allocation advisory service for savings banks and other institu-
tional investors.
The product range was expanded thanks to cooperation with external partners and
enhancement of the Bank’s own core competencies in the field of asset management.
In institutional asset management, Bayern-Invest expects the “Master-KAG” concept to
capture two thirds of the overall special funds market in the medium term. With its
“Service-KAG” solutions, Bayern-Invest has identified and reacted to changes in the
market. The investment modernisation legislation which came into force on 1 January
2004 incorporates a certain degree of facilitation and improvement for capital invest-
ment companies when it comes to securing meaningful solutions for investors.
Bayern LB International Fund Management S.A.
Bayern LB International Fund Management S.A. is a Luxembourg-based capital invest-
ment company that issues and manages publicly offered funds in line with UCITS
guidelines. As at 31 December 2004, Bayern LB International Fund Management S.A.
managed a total of 23 publicly offered funds under three structures, with assets total-
ling EUR 828 million. During the calendar year, the volume of funds managed by the
company rose by EUR 79 million (an increase of 11 %).