What LBBW Asset Management does

LBBW Asset Management Investmentgesellschaft mbH is a Stuttgart-based, fully-owned subsidiary of Landesbank Baden-Württemberg (LBBW) operating as a traditional active asset manager for German and Austrian retail and institutional investors. The firm manages approximately €75 billion in Total Assets across a diversified product suite spanning equity, bond, mixed, commodity, money market, thematic, and ESG-classified funds, with flagship franchises such as LBBW Global Warming (€2.15B AUM) and LBBW Geldmarktfonds (€980.6M AUM). Revenue is generated through recurring management fees — typically 0.75% on bond funds to 1.75% on equity funds — plus performance fees, charged across multiple share classes to different client types.

The firm's underlying operating model combines rule-based systematic processes with active fundamental research. Notable technical components include the proprietary LBBW-Top-10-Rohstoff-ER-Index used as a benchmark for the LBBW RS Flex R commodity fund, which employs quarterly rebalancing to optimize commodity futures roll dynamics. Funds are predominantly actively managed rather than index-tracking, and several products (e.g., LBBW Renten ESG R) are classified as Article 8 under the EU Sustainable Finance Disclosure Regulation. Distribution is multi-channel: the proprietary Fondsfinder e-commerce platform, BW Bank and Sparkassen retail branch networks, and external online brokerage platforms (Cortal Consors, comdirect, ebase, ING DiBa), with Erste Bank serving as Austrian distribution representative.

Commercially, the firm pursues a horizontal segmentation strategy serving both retail investors (wealth accumulation, retirement, savings) and institutional investors (pension funds, insurance, foundations with ESG and liability-driven mandates), with financial advisors as an indirect channel. The company does not disclose revenue or AUM growth metrics in source materials, but its stable institutional ownership by LBBW, established brand, and broad distribution footprint position it as one of Germany's mid-tier fund companies rather than a high-growth disruptor.

Name

LBBW Asset Management

Legal name

LBBW Asset Management Investmentgesellschaft mbH

Website

https://lbbw-am.de

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

LBBW Asset Management is a Stuttgart-based, wholly-owned subsidiary of Landesbank Baden-Württemberg managing approximately €75 billion in active mutual funds across equities, bonds, commodities, and ESG strategies for German and Austrian retail and institutional investors, distributed via bank networks and online brokers.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap Equity (Active) (FSAAAIAA)

Keywords

• Asset management
• Mutual funds
• Investment funds
• Portfolio management
• Sustainable investing

Headquarters

HQ city

Stuttgart

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: LBBW Asset Management generates revenue primarily through management fees charged on its portfolio of approximately €75 billion in total assets under management. Fees vary by fund type, with equity funds typically having higher management fees (e.g., 1.75% for LBBW Aktien Europa R) compared to bond funds (e.g., 0.75% for LBBW Unternehmensanleihen Euro Offensiv R). The funds also charge additional fees such as custodian fees and other operational costs.
2. Performance Fees: Some funds may charge performance-related fees based on achieving returns above a specified benchmark, as indicated by the mention of 'erfolgsabhängige Vergütungen' (performance-based fees) in fund documentation.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

LBBW Asset Management manages approximately €75 billion in actively managed mutual fund assets across equities, fixed income, mixed allocation, commodities, money market, and thematic/private market strategies. It distributes these funds to retail and institutional investors in Germany and Austria through its own Fondsfinder platform, the LBBW/Sparkassen banking network, and third-party online brokers, charging recurring management fees and, in some cases, performance fees.

Product overview

LBBW Asset Management bietet ein breites Portfolio an Publikumsfonds an, die in verschiedene Anlageklassen investieren. Das Produktangebot umfasst Themenfonds (LBBW Sicher Leben, LBBW Internet der Zukunft, LBBW Mobilität der Zukunft, LBBW Global Warming), Aktienfonds (LBBW Aktien Europa, LBBW Global Equity, LBBW Dividenden Strategie Small & MidCaps), Rentenfonds (LBBW Renten ESG, LBBW Unternehmensanleihen Euro Offensiv, BW-RENTA-INTERNATIONAL-FONDS), Mischfonds (LBBW Multi Global, LBBW Welt im Wandel), Rohstofffonds (LBBW Rohstoffe 1, LBBW RS Flex), Geldmarktfonds sowie spezialisierte ESG-Fonds. Die Fonds werden als 100%ige Tochter der Landesbank Baden-Württemberg verwaltet und richten sich an private und institutionelle Anleger.

Differentiator

Problem solved

Functional benefit

Products and services

• LBBW Sicher Leben R Equity fund (Aktienfonds / Themenfonds) investing in companies in the security sector that benefit from society's growing security needs. Available to private and institutional investors in Germany and Austria.
• LBBW Internet der Zukunft R Equity fund investing in companies that benefit from technologies such as artificial intelligence, cloud, and the metaverse. Available to private and institutional investors in Germany and Austria.
• LBBW Mobilität der Zukunft R Equity fund investing in companies offering products or services for the future of mobility (electrification, automation, connectivity). Available to private and institutional investors in Germany and Austria.
• LBBW Global Warming R Equity fund investing in companies whose business success is tied to global warming and climate change. One of the firm's largest thematic funds at approximately €2.15 billion in volume.
• LBBW Welt im Wandel Mixed fund (Mischfonds) that captures global opportunities arising from change by investing across multiple asset classes. Available to private and institutional investors in Germany.
• LBBW Aktien Europa ESG R Equity fund focused on European equities while applying ESG criteria in stock selection. Available to private and institutional investors.
• LBBW Multi Global R Mixed fund with flexible allocation across equities (up to 30%), bonds, and precious-metal certificates (up to 10%). Fund volume approximately €530.3 million.
• LBBW Global Dividend R Equity fund focused on dividend-strong stocks globally. Available to private and institutional investors.
• LBBW Geldmarktfonds R Money market fund for short-term investment with a focus on liquidity and capital stability. Fund volume approximately €980.6 million.
• LBBW Rohstoffe 1 R Commodity fund that tracks the performance of international commodity and futures markets. Fund volume approximately €351.1 million.
• LBBW Renten Short Term ESG R Short-term bond fund applying ESG criteria for stable capital growth. Fund volume approximately €322.4 million.
• LBBW Global Equity R Global equity fund focused on international blue-chip stocks. Available to private and institutional investors.
• LBBW Unternehmensanleihen Euro Offensiv R Bond fund investing in euro-area corporate bonds with weaker credit ratings (high yield). Management fee 0.75% p.a., TER 0.90% (as of February 2025), fund size approximately €100.55 million, subscription fee up to 2.50%.
• LBBW Aktien Europa R Equity fund focused on European large- and mid-cap stocks. Management fee 1.75% p.a. (as of January 2026), custodian fee 0.03%, TER 1.80%, fund size approximately €166.86 million.
• LBBW Dividenden Strategie Small & MidCaps R Equity fund focused on small- and mid-cap European companies with shareholder-friendly dividend policies. Available to private and institutional investors.
• LBBW RS Flex R Flexible commodity fund that participates indirectly in the development of international commodity and futures markets. Uses the proprietary LBBW-Top-10-Rohstoff-ER-Index as its benchmark. Management fee 1.50% p.a., TER 1.69% (as of December 2025), fund size approximately €27.35 million.
• LBBW Renten ESG R Bond fund applying ESG criteria that invests in government bonds, covered bonds (Pfandbriefe), and corporate bonds. Classified as an Article-8 fund under EU Regulation 2019/2088 (SFDR).
• BW-RENTA-INTERNATIONAL-FONDS International bond fund with broad diversification across multiple bond markets. Available to private and institutional investors.
• Private Markets fund range Private markets investment funds offered by LBBW Asset Management as an additional asset class alongside traditional public-market strategies.

Quantifiable outcome

• LBBW Global Warming R achieved 385.82% total return since inception
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Landesbank Baden-Württemberg (LBBW)coreStrategic or Co-development PartnerLBBW Asset Management is a 100% subsidiary of Landesbank Baden-Württemberg. The parent company provides strategic direction, brand support, and distribution channels through its banking network including BW Bank branches. LBBW Asset Management operates as the dedicated asset management arm of the LBBW group.

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• MEAG: MEAG is the asset manager of Munich Re Group, offering active equity, bond, and real-asset funds primarily to German retail and institutional clients. Similar subsidiary-of-large-financial-group structure and product focus.
• Flossbach von Storch: Flossbach von Storch is a German independent asset manager specialising in actively managed multi-asset and equity funds distributed to German-speaking retail and HNW clients. Comparable product mix and target audience, smaller scale.
• Allianz Global Investors: Allianz Global Investors is the asset management arm of Allianz Group, offering actively managed equity, fixed income, and thematic funds with strong European retail and institutional presence. Comparable in scale, structure (bank/insurer subsidiary), and product set.
• DWS Group: DWS is Germany's largest publicly listed asset manager, spun out of Deutsche Bank, with a similar mix of active equity, bond, multi-asset, and ESG/thematic funds. Directly comparable in product breadth and distribution scale.
• Union Investment: Union Investment is the asset manager of the DZ Bank/cooperative banking group, distributing mutual funds through a German bank network closely parallel to LBBW AM's Sparkassen/BW Bank channel. Highly comparable product mix and target audience.
• Deka Investment: Deka is the asset manager of the Sparkassen-finanzgruppe and one of LBBW AM's most direct competitors in the German retail fund market, with overlapping equity, bond, mixed, and ESG fund offerings distributed through savings-bank channels.

Broad incumbents

• Vontobel Asset Management: Vontobel is a Swiss-listed broader asset manager with multi-asset, equity, fixed income, and thematic capabilities serving European institutional and intermediary clients. Comparable in active management style, broader in geographic footprint.

Emerging players

• Berenberg Asset Management: Berenberg's asset management division offers active equity, multi-asset, and quant funds focused on the German and Nordic institutional and wholesale markets. Comparable in active management style and German market focus, smaller in retail fund scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about LBBW Asset Management