Ultramarin

What Ultramarin does

Ultramarin is a Berlin-based AI deep-tech company founded in 2017 that builds proprietary machine learning systems for active equity asset management. The firm operates under BaFin regulation through its subsidiary Ultramarin Capital GmbH and serves institutional and professional investors primarily in the German and broader European market, with growing US exposure.

The company's core technology is a "Fast-and-Slow" AI architecture combining fundamental machine learning-based stock selection with tactical allocation signals and LLM-generated analyst commentary. This engine is applied to a daily-refreshed proprietary dataset covering 2,000+ listed companies across the US, Europe, Japan, Canada, and emerging markets, and is validated through 30+ peer-reviewed scientific publications in venues including Science Advances and the Journal of Finance. Ultramarin exposes the underlying research through its Ultrascope API research platform in addition to deploying it directly in client portfolios.

Ultramarin monetizes through asset-based management and advisory fees across multiple product wrappers: active ETFs (EUAI Eurozone with €122M AUM and USIQ US with $16.4M AUM), active mutual funds (AI Navigator US & Europe at €457M, AI Global Opportunities, and WWK-branded KI Alpha funds at €84M and €28M), Spezialfonds/managed accounts, and structured products distributed via Goldman Sachs. Total disclosed AUM aggregates to approximately €700-720M. Distribution is partner-driven rather than owned, relying on Baader Bank for fund distribution, WWK Insurance for unit-linked insurance wrappers, and Goldman Sachs for structured product issuance, which provides institutional reach but limits direct client ownership.

Name

Ultramarin

Legal name

Ultramarin GmbH and Ultramarin Capital GmbH (joint offering)

Website

https://ultramarin.ai

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Ultramarin is a Berlin-based, BaFin-regulated AI asset manager (founded 2017) that deploys proprietary machine learning and LLM-based analytics across active ETFs, mutual funds, Spezialfonds, and structured products for European and US institutional investors, managing approximately €700M in disclosed AUM.

Ownership category

akta.pro rank

Product category

AI-Driven Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

Keywords

• AI asset management
• Active equity ETFs
• Machine learning investing
• Tactical asset allocation
• AI equity research

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Active ETF Management Fees: Recurring management fees on AI-driven UCITS ETFs. AI-Enhanced US Equities UCITS ETF (USIQ) charges a Total Expense Ratio of 65 Bp. Listed on Frankfurt's Xetra exchange.
2. ETF Management Fees (Eurozone): Recurring management fees on the AI-Enhanced Eurozone Equities UCITS ETF (EUAI), tracked against MSCI EMU. 65 Bp TER (USD equivalent not separately disclosed but aligned with sibling ETF).
3. Mutual Fund Management Fees (Global): Recurring management fees on WWK KI Alpha - Aktien Welt (Global UCITS Equity Fund, EUR 84M AUM). Share class fees: B 150 Bp, C 70 Bp, D 95 Bp.
4. Mutual Fund Management Fees (Europe): Recurring management fees on WWK KI Alpha - Aktien Europa (European UCITS Equity Fund, EUR 28M AUM). Share class fees: B 150 Bp, C 70 Bp, D 95 Bp.
5. Mutual Fund Management Fees (Mixed/Blended): Recurring management fees on AI Navigator - US & Europe Equity fund (EUR 457M AUM, largest fund), 150 Bp management fee. Combined with tactical allocation capabilities.
6. Balanced Multi-Asset Fund Fees: Recurring management fees on AI Global Opportunities (multi-asset UCITS, USD 13M AUM). Total Expense Ratio 145 Bp (USD) / 146 Bp (Euro hedged). Combines 60% equity SAA with daily tactical allocation via 'Fast-and-Slow'.
7. Managed Accounts / Spezialfonds: Customized institutional mandates (managed accounts, Spezialfonds) with tailored risk budgets, custom ESG rules, and customized investment guidelines. Implemented through established German capital management companies (KVG).
8. Structured Product Fees: Capital-protected notes, call warrants, and yield-enhanced notes issued via Goldman Sachs Bank Europe SE referencing Ultramarin's AI Long/Short European Equities strategy (e.g., 100% capital protection at maturity, ~7% p.a. volatility target, 3-5 year horizon). Revenue captured through structuring and strategy licensing fees.
9. Ultrascope API Access: API-based subscription access to AI-based equity research on 2,000+ companies worldwide, with daily-updated AI ratings and LLM-generated analyst reports.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Ultramarin builds and operates a proprietary AI-powered platform that automates equity investment processes through machine-learning-based stock selection and a proprietary 'Fast-and-Slow' tactical asset allocation model. The platform is delivered to professional investors via multiple wrappers including active UCITS ETFs (EUAI, USIQ), UCITS mutual funds (AI Global Opportunities, AI Navigator, WWK KI Alpha range), Spezialfonds/managed accounts, structured products, and the Ultrascope API-based equity research service covering 2,000+ companies.

Product overview

Ultramarin's offering is built on a proprietary AI-powered platform (the Ultramarin AI Platform) that serves as the central backbone for a portfolio of AI-driven investment products and research tools. The platform powers Active ETFs (AI-Enhanced Eurozone Equities UCITS ETF (EUAI) and AI-Enhanced US Equities UCITS ETF (USIQ)), mutual funds (AI Global Opportunities, AI Navigator US & Europe Equity, WWK KI Alpha Aktien Welt, and WWK KI Alpha Aktien Europa), Managed Accounts (Spezialfonds), Structured Products (Capital Protected Notes and Call Warrants), and the API-based Ultrascope equity research service. Underpinning all of these are Ultramarine's ML-based stock selection, tactical asset allocation ("Fast-and-Slow"), and Explainable AI capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• AI-Enhanced Eurozone Equities UCITS ETF: Active UCITS ETF (ticker EUAI) tracking MSCI EMU, using AI-based stock selection; managed by Baader Bank.
• AI-Enhanced US Equities UCITS ETF
• AI Navigator - US & Europe Equity
• AI Global Opportunities
• WWK KI Alpha - Aktien Welt
• WWK KI Alpha - Aktien Europa
• Ultrascope

Products and services

• AI-Enhanced Eurozone Equities UCITS ETF (EUAI) Actively managed UCITS ETF leveraging Ultramarin's AI equity selection model to generate risk-controlled excess returns over the MSCI EMU Index, with tracking error targeted at 2% and active sector weightings capped at 2.5%; for professional investors.
• AI-Enhanced US Equities UCITS ETF (USIQ) Actively managed UCITS ETF using Ultramarin's AI stock selection model to deliver risk-controlled excess returns over the MSCI USA Index, with 2% tracking error and 2.5% active sector weighting targets; for professional investors.
• AI Global Opportunities Multi-asset UCITS balanced fund combining AI stock selection on MSCI USA/EMU with the proprietary 'Fast-and-Slow' tactical asset allocation model that dynamically steers equity exposure between 40% and 80% via index futures; for professional investors.
• AI Navigator - US & Europe Equity Actively managed UCITS mutual fund applying Ultramarin's AI equity selection model to US and European equities, targeting excess return over the MSCI World Index with ESG integration; for professional investors.
• WWK KI Alpha - Aktien Welt Global equity UCITS mutual fund applying Ultramarin's holistic AI equity selection model to US, European, Canadian and Japanese equities, targeting excess return over the MSCI World Index with ESG integration; for professional investors.
• WWK KI Alpha - Aktien Europa European equity UCITS mutual fund using Ultramarin's AI equity selection model to generate excess return over the MSCI Europe Index with ESG/SFDR Article 8 integration; for professional investors.
• Managed Accounts (Spezialfonds) Tailor-made managed account solutions built on Ultramarin's modular AI platform, supporting customized risk budgets, ESG rules, investment guidelines, and asset class/sector/security exclusions, implemented via German capital management companies (KVG); for institutional clients.
• Structured Products Structured wrappers including Capital Protected Notes and Call Warrants that package Ultramarin's AI-driven long/short European Equities strategy to deliver individual payout profiles such as capital protection, leverage, or yield enhancement; issued by Goldman Sachs Bank Europe SE.
• Ultrascope API-based equity research product providing AI-driven analysis on more than 2,000 companies worldwide, with daily-updated AI predictions (1-5 ratings), Explainable AI feature attribution, and LLM-generated analyst reports; for asset managers and quant funds via API subscription.

Quantifiable outcome

• AI-Enhanced Eurozone Equities UCITS ETF (EUAI): EUR 122,033,000 AUM as of latest disclosure
• +7 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered flagship product partnership, founding/strategic, core operational, operational, flagship distribution and mid-tier.

• WWK Investment S.A.flagship product partnershipStrategic or Co-development PartnerWWK Investment S.A. acts as Fund Management Company (KVG) for the WWK KI Alpha mutual fund range (WWK KI Alpha - Aktien Welt, ISIN LU2881669860/LU2881669944/LU2881670017; WWK KI Alpha - Aktien Europa, ISIN LU3168795949/LU3168796087/LU3168796160). Ultramarin contributes the AI equity-selection model; WWK handles the Luxembourg UCITS wrapper. The collaboration was awarded 'Best Investment Fund (Other)' at the Cash. Financial Advisors Awards 2025.
• KJL Capital AGfounding/strategicStrategic or Co-development PartnerKJL Capital AG is the fund partner for the AI Global Opportunities multi-asset UCITS fund. Founded by Julien Florian Jensen (now Managing Director at Ultramarin), KJL maintains a product partnership with Ultramarin. AI Global Opportunities combines AI-based stock selection with tactical asset allocation 'Fast-and-Slow' overlay.
• Hanseatische Investment-GmbHcore operationalImplementation/ SI/ Consulting PartnerHanseatische Investment-GmbH serves as Fund Management Company (KVG) for the AI Global Opportunities fund, hosting fund documents on its 'fondswelt' investor portal.
• Baader Bank AGcore operationalImplementation/ SI/ Consulting PartnerBaader Bank AG acts as Investment Manager / Management Company for both UCITS ETFs (EUAI, USIQ). Investor inquiries handled via [email protected]. Baader Bank's ETF platform enabled Ultramarin's ETF launch on Goldman Sachs Bank Europe SE's distribution infrastructure.
• Carne Global Fund Managers (Ireland) Limitedcore operationalImplementation/ SI/ Consulting PartnerManagement Company for the ETF Willow ICAV umbrella under which the AI-Enhanced Eurozone Equities and AI-Enhanced US Equities UCITS ETFs are domiciled in Ireland.
• Northern Trustcore operationalImplementation/ SI/ Consulting PartnerCustodian and Fund Administrator for the AI-Enhanced US Equities UCITS ETF (USIQ) and AI-Enhanced Eurozone Equities UCITS ETF (EUAI).
• Donner & Reuschel AGoperationalImplementation/ SI/ Consulting PartnerCustodian bank for the AI Global Opportunities mutual fund.
• Hauck Aufhäuser Lampe Privatbank AGoperationalImplementation/ SI/ Consulting PartnerCustodian for the WWK KI Alpha - Aktien Europa mutual fund.
• Goldman Sachs Bank Europe SEflagship distributionOEM/ Whitelabel/ Licensing PartnerIssuer of structured products referencing Ultramarin's AI Long/Short European Equities strategy (e.g., Capital Protected Note with 100% capital protection at maturity, ~7% p.a. volatility target, 3-5 year horizon, EUR). Goldman Sachs's ETF platform was also the launch venue for the AI-Enhanced Eurozone Equities UCITS ETF (EUAI), reported as the first European fund launched on Goldman Sachs's ETF platform.
• Bloombergmid-tierGTM or Marketing PartnerBloomberg hosted an exclusive Frankfurt panel on 'Future-Proofing Portfolios' on 07.05.2025 with Ultramarin's co-founder Daniel Willmann alongside Union Investment, DWS Group and Bloomberg Intelligence speakers; co-marketing opportunity showcasing AI-driven equities investing.
• INQUIRE Europemid-tierGTM or Marketing PartnerUltramarin has supported INQUIRE Europe for many years; Chairman of the Board Prof. Dr. Peter Oertmann serves on INQUIRE Europe's board. Ultramarin attends and contributes to the autumn seminars (Utrecht 2025, Bergisch-Gladbach 2023).
• Versicherungsforen Leipzig GmbHmid-tierGTM or Marketing PartnerUltramarin (via Hans-Georg Pietruck) was a guest speaker at the Capital Investment Management User Group meeting on AI asset management in practice (25.09.2025), targeting insurance-industry institutional investors.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• DWS Group: Major German asset manager with Xtrackers ETF platform and systematic equity capabilities, sharing the German institutional and DACH distribution footprint. Co-panelist with Ultramarin at Bloomberg's Frankfurt 'Future-Proofing Portfolios' event, indicating direct competitive overlap for institutional mandates.
• BlackRock: World's largest asset manager with the iShares ETF platform and a growing systematic/AI equity capability set. Represents the most likely incumbent threat to AI-driven active ETFs in Europe given scale, brand, and active ETF distribution muscle.
• Allianz Global Investors: Large global asset manager with systematic, quantitative and ETF capabilities serving German institutional and insurance clients, including product overlap with Ultramarin's WWK KI Alpha-style insurance wrapper use cases. Operates as a broad incumbent rather than AI-specialist competitor.
• Man Group / AHL: One of the largest publicly listed systematic investment managers globally, with AHL providing diversified systematic equity and multi-asset strategies. Overlaps with Ultramarin's systematic equity and AI-assisted allocation offering but operates at materially larger scale and across a broader product range.

Direct peers

• Aspect Capital: London-based systematic equity manager (formerly part of Man Group) operating a multi-strategy quantitative equity platform with institutional UCITS and managed-account offerings. Comparable in systematic equity DNA and institutional product mix, though broader in geographic footprint.
• Qube Research & Technologies: London-headquartered systematic equity manager using AI/ML-driven signals for global equities, with a comparable technology-first, research-led operating model and overlapping institutional client base. Closest direct comparable in scale, philosophy and product mix among European quant managers.
• Lupus alpha: Frankfurt-based independent quantitative asset manager offering systematic European equity and multi-asset strategies to German institutional clients. Directly comparable in geography, institutional distribution and systematic equity focus, though with a more traditional quant rather than AI-first positioning.
• Acatis Investment: German independent asset manager specializing in quantitative and value-oriented equity strategies, with significant AUM in German institutional and retail channels. Comparable as a German-headquartered, research-driven systematic equity manager serving overlapping institutional and insurance clients.

Emerging players

• EquBot: US-based AI asset manager behind the AI Powered Equity ETF (AIEQ), one of the earliest AI-driven equity ETFs. Direct product-category competitor in AI equity ETFs, with a narrower thematic focus and US-centric distribution that limits direct head-to-head overlap with Ultramarin's UCITS ETFs.
• QRAFT: Asia-headquartered AI-driven asset manager offering AI-selected equity ETFs and separately managed accounts with similar modular AI platform narrative. Comparable in product-category focus (AI ETFs) and AI-first positioning, with partial overlap in Korean and US institutional channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/Othoz

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ultramarin