Lupus Alpha

What Lupus Alpha does

Lupus Alpha Asset Management AG is an independent, owner-operated German asset management boutique headquartered in Frankfurt am Main. Founded in 2001 and supervised by BaFin, the firm operates as a multi-specialist active manager organized around six product ranges: European Small & Mid Caps, Convertible Bonds, CLO, Volatility strategies, Global Equity, and Risk Overlay. It manages approximately €15 billion in assets across 14 mutual funds and institutional mandates for more than 150 institutional clients, supported by a team of roughly 100 employees including more than 35 portfolio management specialists, with key portfolio franchises (notably Lupus alpha Return) managed under unchanged lead portfolio managers for nearly two decades.

The firm's underlying investment platform combines proprietary quantitative models — including a proprietary convertible bond valuation model and in-house scenario/backtesting frameworks — with deep fundamental research, anchored by approximately 1,500 direct company meetings per year for the small/mid-cap franchise. Revenue is generated through management fees (typically 0.52%–1.35% depending on share class), performance fees on selected strategies (e.g., 20% above hurdle on Lupus alpha All Opportunities Fund), and upfront initial charges of up to 5%. Distribution is multi-channel: direct institutional sales with dedicated relationship managers in Germany, Austria, and France, complemented by a wholesale team, banks, savings banks, and independent advisors (including platform partners such as Netfonds AG), with the firm available in English, German, and French.

Lupus Alpha is privately held under a partnership structure with nine partners and a five-member Executive Committee led by Ralf Lochmüller (CEO), Dr. Götz Albert (CIO), and Michael Frick (CFO). Growth has been driven by sequential product launches (Lupus alpha Return in 2007, CLO entry in 2015, Convertible Bonds in 2017, Sustainable Convertible Bonds in 2018, Sustainable Return in 2020–2021, and Dynamic Return in 2023) and consistent award recognition including five Scope "Best specialist asset manager" titles and consecutive FNG sustainability certifications from 2022 through 2026.

Name

Lupus Alpha

Legal name

Lupus alpha Asset Management AG

Website

https://www.lupusalpha.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Lupus Alpha Asset Management AG is an independent, owner-operated Frankfurt-based asset management boutique managing approximately €15 billion across 14 mutual funds and institutional mandates in European small/mid caps, convertible bonds, CLOs, volatility, and global equity strategies for more than 150 institutional clients in Germany, Austria, and France.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

akta.pro secondary industries

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset (FSAAAJAE)

Keywords

• Institutional asset management
• European small mid caps
• Convertible bond funds
• Volatility overlay strategies
• CLO investment management

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Asset management fees charged as a percentage of assets under management across mutual funds and institutional mandates. Management fees range from 0.52% to 1.35% depending on share class (institutional vs retail) and fund type.
2. Performance Fees: Some funds charge performance-related fees based on achieving benchmark returns or absolute performance targets. For example, Lupus alpha All Opportunities Fund charges a 20% performance fee with hurdle rate of €STR + 2% p.a.
3. Initial Charges: Upfront subscription fees charged when investors purchase fund units, typically up to 4-5% of the investment amount, which vary depending on fund type and distribution channel.
4. Total Expense Ratio (TER): Annual fund operating costs including management fees, recorded as TER. For example, Lupus alpha Sustainable Convertible Bonds C has TER of 0.92% p.a. as of 1/31/2025.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Lupus Alpha is an independent, owner-operated German asset manager that runs actively managed mutual funds and institutional mandates across six specialist strategies: European Small & Mid Caps, Convertible Bonds, CLO, Volatility, Global Equity, and Risk Overlay. The firm manages roughly EUR 15 billion in assets under management for pension schemes, insurance companies, foundations, banks and other institutional clients, with retail access provided through banks, savings banks and independent financial advisors.

Differentiator

Problem solved

Functional benefit

Products and services

• Lupus alpha Smaller German Champions Active equity fund investing in European small and mid-cap companies, offered to institutional investors and retail investors via distribution partners.
• Lupus alpha All Opportunities Fund Multi-asset flexible fund investing across equities, bonds and alternatives, available in retail (A) and institutional (C) share classes with a 20% performance fee hurdle-linked to €STR + 2% p.a.
• Lupus alpha Sustainable Convertible Bonds Sustainable global convertible bond fund available in institutional (C) and retail (R) share classes, applying ESG screening and proprietary valuation models.
• Lupus alpha Return Risk-managed equity fund offered in retail and institutional share classes, designed to deliver equity-like returns with controlled downside risk.
• Lupus alpha Sustainable Return Sustainable risk-managed equity fund using in-house quantitative models, scenario analyses and backtesting, available in institutional (C) and retail (R) share classes.
• Lupus alpha Dynamic Return

Quantifiable outcome

• 25 years of experience as one of the first independent asset managers in Germany
• +3 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Netfonds AGcoreChannel Partner/ Reseller/ DistributorNetfonds AG operates as a distribution partner for Lupus alpha, providing access to their fund products through their distribution network. Silvan Nikuradse, Leiter Produktmanagement Investment at Netfonds, serves as the key contact for this partnership.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• DJE Kapital AG: German independent boutique asset manager offering equity, fixed income and multi-asset funds through banks and IFAs; comparable scale, independent ownership and DACH wholesale distribution.
• ACATIS Investment: German independent value-oriented boutique asset manager with mutual funds and institutional mandates; directly comparable independent owner-operated structure and German distribution model.
• Bellevue Asset Management: Swiss-German specialist boutique focused on healthcare, small caps and entrepreneurial equity strategies; comparable niche-active model and institutional client base across German-speaking Europe.
• Flossbach von Storch: Independent German boutique asset manager with multi-asset and equity strategies serving institutional and private clients; highly comparable owner-operated boutique model and German institutional distribution footprint.

Broad incumbents

• Allianz Global Investors: Large European/global asset manager with fixed income, equity and alternative strategies including convertible bonds and CLOs; competes for institutional insurance and pension mandates.
• DWS Group: One of Europe's largest asset managers headquartered in Frankfurt, offering active, passive and alternative strategies across institutional and retail channels; competes broadly with Lupus alpha's institutional mandates.
• Union Investment: German cooperative-bank-affiliated asset manager with broad multi-asset and specialist strategies; a key incumbent competitor for savings-bank distribution and pension fund mandates.

Emerging players

• GAM Holding: Swiss specialist investment manager with active fixed income, equity and alternative strategies; overlaps with Lupus alpha's convertible bonds, volatility and CLO strategies.
• Berenberg Asset Management: German private-bank-affiliated asset manager offering active equity, fixed income and multi-asset strategies; comparable boutique-style institutional and wholesale positioning in German-speaking markets.

Regional players

• Hauck & Aufhäuser Fund Services: German private bank with asset management arm focused on active equity and multi-asset funds for institutional and private clients; comparable DACH-focused specialist active strategies.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lupus-alpha

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 Lupus Alpha