At year-end 2016, there were 46 alternative investment fund managers (AIFMs) in Austria that were subject to supervision by the FMA (2015: 48[1]). Of them, 26 (2015: 27) held a licence issued by the FMA, with the remaining 20 (2015: 21) being subject to a registration procedure that is simplified in comparison with the licencing procedure. In addition four registered AIFMs were also authorised as Managers of European Venture Capital Funds (EuVECA) (2015: 3). In total these 1,045 alternative investment funds (AIFs) had Net Asset Values (NAV) of almost EUR 95 billion (2015: EUR 89.5 billion) or total assets under management (AuM) of EUR 125 billion (including asset values on the basis of leveraged financing by means of derivatives, borrowing against assets or securities lending transactions) (2015: EUR 109.5 billion). These findings emerge from the FMA’s latest analysis.
The AIFs include five hedge funds (EUR 186 million NAV), fourteen real estate funds (EUR 6.9 billion NAV), 20 private equity funds (EUR 628 million NAV), 467 funds of funds (EUR 37.4 billion NAV) and a further 539 funds with mixed investment strategies (EUR 49.9 billion NAV). Of all the AIFs, 999 AIFs also fall under the Investment Funds Act 2011 (InvFG 2011; Investmentfondsgesetz 2011) (EUR 87.2 billion NAV) and ten AIFs fall under the Real Estate Investment Fund Act (ImmoInvFG; Immobilien-Investmentfondsgesetz) (EUR 6.6 billion NAV). 86 % of the unit certificated of AIFs are held by professional investors (in particular by Pensionskassen (pension funds) and insurance companies), with the remaining 14% held by retail customers. 248 of the 1,045 managed AIFs also included retail customers as investors. Within these AIFs retail customers primarily invest in funds of funds in accordance with the Investment Funds Act 2011 (InvFG 2011; Investmentsfondsgesetz 2011) and real estate funds in accordance with the Real Estate Investment Funds Act (ImmoInvFG; Immobilien-Investmentfondsgesetz).
Austria AIFs are generally invested in assets in Europe (64%) and North America (14%), and predominantly in securities, shares/units of investment funds and derivative contracts (91%) as well as in physical assets such as real estate (4%). More than half of all AIFs do not use leveraged financing. Under the legal definition of leveraged financing only three hedge funds used leveraged financing to a considerable extent based on their investment strategy.
[1] Two AIFMs were not yet subject to reporting requirements as at the reporting date of 31.12.2015.
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