With my-si More Sustainability Is In Sight


The investment platform my sustainable impact, my-si, has started in Germany.

The my-si investment concept envisages generating attractive returns with sustainable investments and at the same time creating a social benefit. Investors choose ESG-approved fund strategies according to five different risk classes according to their personal risk appetite and make a contribution to a better world.

Tobias Schmidt, CEO of my-si says: “Investing money for old-age provision, risk protection or for one’s own financial independence is an important issue for each of us. If we want to achieve anything in the process, we have to generate sufficient returns. At my-si, we think investing a step further, because if we want to improve our future and that of future generations, we have to act today. my sustainable impact invests in a sustainable, return-oriented manner and at the same time donates part of the proceeds: With us, investors support one of ten non-profit organizations and thus the sustainability goals of the United Nations. Specifically, we from my-si donate 1/3 of our advisory fee to the project that our investors personally select. “

At the start of my-si, ten organizations were selected that represent the entire range of UN sustainability goals: the German AIDS Foundation, Reporters Without Borders, Kindernothilfe eV, WorldVision Germany eV, humedica eV, PRIMAKLIMA eV, Veterinarians Without Borders eV, Deutsches Rotes Kreuz eV, TERRATECH Förderprojekte eV and Heinz Sielmann Foundation. They all have the donation seal of the German Central Institute for Social Issues DZI.

The my-si investment strategy provides that all investment decisions are generated by intelligent algorithms. In order to optimize a portfolio, my-si works with the “Equal Risk Contribution Approach”. With this method, the various asset classes in a portfolio are weighted so that the risk contribution of the individual asset classes to the overall risk of the portfolio is as large as possible. In addition to the good diversification, the advantage lies in the stability of the portfolio. In order to be prepared against short-term, extreme market fluctuations, my-si has integrated a “market stress indicator” into this system. It gives signals and adjustment rules in the event of extraordinary market distortions.

my-si invests exclusively in ESG-checked funds with an ISS ESG fund rating of at least four stars. From the remaining fund universe, the funds are selected whose risk / reward ratio achieves a top rating in f-fex fund ratings, i.e. a rating of A or B. Tobias Schmidt: “We have been dealing with the topics of fund ratings and fund selection for more than 25 years and, based on this experience, have developed our own, forecast-optimized rating that provides us with valuable assistance in tracking down future outperformers. In this way we ensure that only top funds with the best risk-reward ratio are in the ESG portfolio. “

In a direct comparison with the average of all funds in the mixed fund categories suitable as benchmarks, the performance of my-si ESG strategies is clearly above the benchmark. “In 2020, our market stress indicator reacted to the correction in good time, and we were thus able to absorb the worst. But even before and after the market correction, we performed very well in all five risk classes compared to the respective benchmark. The long-term achievable return naturally depends on the chosen risk class. In the medium risk class, we consider an average return of 5-6 percent to be easily achievable in the long term. A world without interest does not mean that there are no more returns.”

Investors can invest with my-si from a deposit of EUR 1000 and top this amount up from EUR 50 per month in a savings plan. Five strategies with different risk profiles are available. my-si works completely digitally, that means: investment concept, advice, user interaction, account opening, control of your own charitable contribution, selection of the non-profit organization,

Reporting, billing, etc. are implemented completely online, quickly and at attractive conditions.

“Despite digitization, my-si is a real, that is, interactive advisor”, says Tobias Schmidt: “Investors can adopt the sample portfolio 1: 1 or use this to put together their own portfolio. They have the same freedom in choosing the projects to which the charitable contribution should go. “

Data for Bank Management Board Member’s Reputation Rating

Certifications, Criteria, Read, Registrations, Regulations

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) provides some insights into what kind of data is used to establish a bank management board member’s reputation rating in its Guidance Notice on management board members. This is pursuant to the German Banking Act (Kreditwesengesetz – KWG), the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) and the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB).

On the form “Details of reputation, available time and additional mandates“, the management board member has to issue a personally signed and dated declaration providing information on any criminal proceedings and proceedings for administrative offences, decisions under trade law and insolvency or enforcement proceedings. The declaration need not include previously pending criminal proceedings that were terminated for lack of sufficient evidence to support the suspicion of a criminal offence. The same is true in the event that the proceedings were terminated because of a procedural bar.

The declaration need not include previously pending criminal proceedings which resulted in an acquittal or by virtue of which an entry in the Federal Central Criminal Register (Bundeszentralregister – BZR) was deleted or cancelled, or that are not required to be disclosed according to section 53 of the German Federal Central Register Act (Bundeszentralregistergesetz – BZRG).

Section 53 of the Act on the Central Criminal Register and the Educative Measures Register determines convicted person’s duty of disclosure: Convicted persons may refer to themselves as having no previous convictions and need not disclose the facts on which a conviction was based if the conviction does not have to be included in the certificate of good conduct or only in a certificate of good conduct in accordance with section 32 (3) or (4) BZR or is to be deleted. Insofar as courts or authorities have a right to the unrestricted disclosure of information, convicted persons may derive no rights from subsection (1) no. 1 vis-à-vis them if they are instructed about this fact.

Entries which must be deleted from the Central Trade and Industry Register under section 153 of the German Industrial Code (Gewerbeordnung – GewO) need not be mentioned. Section 153 determines that certain entries have to be deleted after a period of time of three years if the amount of the fine does not exceed 300 euros or five years in the other cases. If the register contains several entries, the deletion of an entry is only permissible if the period has expired for all entries. An entry to be deleted will be removed from the register one year after the requirements for the deletion have been met. During this time, no information may be given about the entry. If the entry in the register has been deleted or if it is to be deleted, the administrative offense and the fine decision may no longer be used to the detriment of the person concerned. This does not apply if the person concerned applies for admission to a trade or other economic enterprise, if the admission would otherwise lead to a considerable risk to the general public, or if the person concerned applies for the lifting of a business or other economic enterprise that prohibits the exercise of the trade Decision requested.

According to these stipulations, entries which must be deleted from the Central Trade and Industry Register under section 153 GewO need not be mentioned. On the other hand, criminal proceedings terminated under sections 153 and 153a of the German Code of Criminal Procedure (Strafprozessordnung – StPO) have to be indicated.

A termination under these provisions will not eliminate the assumption of innocence under criminal law; however, irrespective of this the circumstances of the case may give rise to indications for a lack of reputation, particularly in case of proceedings associated with punishable violations of relevant supervisory law, property- or insolvency-related criminal offences or tax offences.

Similar situations in other jurisdictions also have to be indicated. In case of doubt, the relevant division of BaFin should be contacted. These details have to be complete and accurate. In the case of any notifiable proceedings, copies of the rulings, decisions, sanctions, notices or other relevant documents have to be appended. BaFin reserves the right to obtain further information from the competent authorities, where necessary

For an assessment of possible conflicts of interest, on the form “Details of reputation, available time and additional mandates” the management board member must also declare any familial relationships with members of the management and the members of the administrative or supervisory body, both for the notifying undertaking and for its parent undertaking or subsidiary. If no details are provided on the form, this will be deemed a statement of “nil”.

On the form “Details of reputation, available time and additional mandates”, business relationships which could result in a certain degree of commercial dependence on the notifying undertaking have to be indicated as follows: Management board member, undertaking which is managed by the management board member, close relatives of the management board member = spouses, registered life partners, partners in a long-term relationship, children, parents, other relatives who belong to the household of the member. The relationships to the notifying undertaking, parent undertaking of the notifying undertaking and subsidiary of the notifying undertaking have to be disclosed. The nature of this relationship and the manner in which it is conducted have to be described. If no details are provided on the form, this will be deemed a statement of “nil”.

Next Generation Financial Services: The New Digital Power of Customers


Oliver Everling and Robert Lempka (Publisher): Next Generation Financial Services: The New Digital Power of Customers, 1st Edition Frankfurt am Main 2013, Frankfurt School Verlag, 462 pages, ISBN 978-3-940913-62-3.

The Internet and the digital revolution have changed society and the economy on an unprecedented scale. After industries such as publishing or retail have been fundamentally reoriented in recent years, the financial sector is still lagging behind in this development. The book shows how the financial industry is changing and what new business models and opportunities are emerging.

This book is about presenting trends in the financial industry and presenting new business models made possible by the digital revolution and the resulting strengthening of the customer. It identifies adaptation processes and changes that the financial sector faces not only through the potential of the Internet, but also through the use of a wide range of different end-user devices that bank customers of the past will use to communicate with their financial service providers. As a scientifically founded and practice-oriented compendium, the book offers concrete benefits for investors and decision-makers.

It will address internet industry readers as well as bankers and other financial service providers, as well as rating agencies, venture capitalists, seed financiers, business angels, investors, consultants, headhunters, academics and business journalists.

Oliver Everling und Robert Lempka (Herausgeber): Finanzdienstleister der nächsten Generation: Die neue digitale Macht der Kunden, 1. Auflage Frankfurt am Main 2013, Frankfurt School Verlag, 462 Seiten, ISBN 978-3-940913-62-3.

Rating Exchange Traded Funds


Oliver Everling and Götz Kirchhoff (publisher): Exchange Traded Fund Rating: Market Overview, Criteria and Practical Application, Bank-Verlag Medien GmbH, http://www.bank-verlag-shop.de/product_info.php/products_id/3030, Cologne 2011, 375 pages, Art. 22,472-1100, ISBN 978-3-86556-257-9.

Exchange-traded funds (ETFs) present investors with particular challenges in the assessment: Product quality, index quality as well as information quality and transparency play a special role.

ETF ratings combine qualitative and quantitative methods, partly objectified in scoring models, and condensed features into panel results.

Everling and Kirchhoff are now presenting the first book on the topic, which raises the understanding of ETF benchmarks and approaches and highlights the value of ETF ratings in investment practice.

Given the abundance of information available on the Internet about ETF rating, the book provides an overview and identifies the relevant information for the evaluation of ETFs among the many sales information.

Oliver Everling und Götz Kirchhoff (Herausgeber): Exchange Traded Fund-Rating: Marktüberblick, Einsatzkriterien und Praxiseinsatz, Bank-Verlag Medien GmbH, http://www.bank-verlag-shop.de/product_info.php/products_id/3030, Köln 2011, 375 Seiten, Art.-Nr. 22.472-1100, ISBN 978-3-86556-257-9.

Rating Custodians and Master Investment Companies


Volker Braunberger, Oliver Everling and Uwe Rieken (publisher): Rating of Custodians and Master-KAG: Investor Protection and Efficiency Enhancement for Institutional Investors, Gabler Verlag – Springer Fachmedien Wiesbaden GmbH, http://www.gabler.de, Wiesbaden 2011, 316 pages , ISBN 978-3-8349-2578-7.

The book shows institutional investors how to use the design options that have been allowed since the Circular on Banking Supervision in practice. Testimonials, as well as contributions on future perspectives and new ideas present ways to assess and implement master investment company concepts. A rating of master investment trusts and custodian banks examines the extent to which cooperation with international asset managers is facilitated, the uniformity of the reporting of several asset managers, the inclusion of proprietary investments in consolidated reporting, and the reduction of depreciation risks. Making the right decisions about the custodian and master investment company can make distributions more flexible and easier to manage asset exchanges.

Volker Braunberger, Oliver Everling und Uwe Rieken (Herausgeber): Rating von Depotbank und Master-KAG: Anlegerschutz und Effizienzsteigerung für institutionelle Kapitalanleger, Gabler Verlag – Springer Fachmedien Wiesbaden GmbH, http://www.gabler.de, Wiesbaden 2011, 316 Seiten, ISBN 978-3-8349-2578-7.

Practical Guide to Ratings of Real Estate Portfolios


Oliver Everling and Raphael Slowik (Editor): Practical Guide to Ratings of Real Estate Portfolios, Immobilien Manager Verlag, Cologne, http://www.immobilienmanager.de/, bound edition, 1st edition 2009, 456 pages, ISBN 978-3-89984-197-8.

The book is in the German-speaking world and probably also internationally the first book for the rating of real estate portfolios. Since real estate is increasingly being actively managed by companies, (regional) corporations and foundations as an own asset class, it depends on the valuation and assessment standards that affect both the individual property / project and the portfolio as a whole.

The approaches that have been developed to this end, despite the growing interest of investors, who have to form judgments under more and more direct and indirect variants of the real estate investment, have so far been little known. The book shows the most important procedures and systems of the rating and aims in particular at the business management and legal design possibilities of real estate transactions for the optimization of real estate portfolios. The book sets standards in relation to the relevant questions and starting points.

Oliver Everling und Raphael Slowik (Herausgeber): Praxishandbuch Rating von Immobilienportfolios, Immobilien Manager Verlag, Köln, http://www.immobilienmanager.de/, gebundene Ausgabe, 1. Auflage 2009, 456 Seiten, ISBN 978-3-89984-197-8.

Fund Rating


Ann-Kristin Achleitner and Oliver Everling (publisher): Fund Rating: Quality Measurement on the Test Bench – Methods, Criteria and Benefits, Betriebswirtschaftlicher Verlag Th. Gabler, Wiesbaden 1st edition December 2003, http://www.gabler-verlag.de, hardcover, 338 pages, ISBN 3-409-15012-9.

Private and institutional investors are facing an ever-growing supply. More and more mutual funds are on offer. Against this background, the demand for the most compact and clear information on the quality of fund products is growing. For the first time, this book brings together the views of major rating agencies on the valuation of investment funds and asset managers and presents them independently. It is clear that there are still significant differences, and standards in the fund industry are evolving.

Ann-Kristin Achleitner und Oliver Everling (Herausgeber): Fondsrating: Qualitätsmessung auf dem Prüfstand – Verfahren, Kriterien und Nutzen, Betriebswirtschaftlicher Verlag Dr. Th. Gabler, Wiesbaden 1. Auflage Dezember 2003, http://www.gabler-verlag.de, gebundene Ausgabe, 338 Seiten, ISBN 3-409-15012-9.

Rating Fund of Funds

Performance, Read

An umbrella fund is a collective investment scheme that exists as a single legal entity but has several distinct sub-funds. Whether umbrella or common investment funds have performed better over a period of ten years, was the key question in a recent study. According to the study, common investment funds are on average better performers More than 150 fully convincing funds of funds were identified. More than 800 funds of the four largest, globally investing mixed fund categories were considered.

In each of the four peer groups, common investment funds achieve on average more performance than funds of funds. The biggest performance difference between umbrella and common investment funds lies in the peer group “Mixed funds globally balanced”: While the almost 100 common investment funds return an average annual return of 5.5%, the 71 funds of funds of this peer group generate on average only 4.6%, a performance difference of at least 0.9% p.a. over a period of ten years.

The lowest performance differences are shown by the funds of the peer group “Mixed Funds Global Dynamic”. Almost no difference is measurable here (individual title funds are marginally ahead). All funds average 6.6% p.a. in the past ten years.

The differences in volatility are comparatively low, since a fund of funds is a multi-manager investment, a pooled investment fund that invests in other types of funds. In other words, its portfolio contains different underlying portfolios of other funds. 

In two of the four peer groups considered, the single-title funds are even slightly ahead. This means that they have lower volatility on average. Only in the “Mixed Funds Global Conservative” peer group – which combines mixed funds with low-risk profiles – did fund of funds show a perceptibly lower volatility of 4.4% on average of 3.5% than common investment funds.

That funds of funds achieve less performance is due to the additional cost burden expected. However, despite the broader diversification, they offer hardly any appreciable volatility advantages. One explanation: common investment funds already have a broadly diversified portfolio. Even further diversification through funds brings little diversification benefits.

Nevertheless, more than 150 funds of funds create a top rating. Even though fund-of-funds concepts in the multi-asset sector have less performance in the average analysis presented here and hardly any volatility advantages, there are still numerous funds of funds that deliver convincing results.

Out of around 550 funds of funds in the four peer groups examined, 154 currently hold a top rating (equivalent to a ratio of 28%). Funds with a top rating usually outperform the respective peer group average.

It is noticeable that in three of the four comparison groups considered, the top rating quota of the funds of funds is higher than that of the individual-unit funds. This is most evident in the peer group “Mischfonds Global Dynamik”, in which 37% of the funds of funds hold a top rating. The single-title funds in this group only reach a top rating of 26%.