Wave Management
WAVE Management AG is a BaFin-licensed German asset manager, wholly owned by VHV Gruppe, managing approximately €17 billion across eight investment funds spanning ESG, fixed income, balanced, and equity strategies for institutional and retail clients in Germany.
- Company typePrivate
- Founded2000
- HeadquartersHanover, Germany
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Wave Management does
WAVE Management AG is a BaFin-licensed German asset manager headquartered in Hannover, founded in January 2000 and operating as a wholly-owned subsidiary of the VHV Gruppe insurance and financial services conglomerate. The firm provides institutional securities portfolio management, risk management and controlling, and strategic asset allocation consulting to professional clients and suitable counterparties, while also distributing a retail-accessible fund range through German fund platforms, banks, Sparkassen, and Hannoversche's unit-linked insurance products. Across these channels the firm manages approximately €17 billion in customer assets.
The product suite consists of eight investment funds spanning the full risk spectrum: the WAVE Total Return ESG fund (available in both retail and institutional share classes, with a €100,000 minimum on the institutional tranche), the Hannoversche triad of BasisInvest (Euro bond), MediumInvest (50/50 balanced), and MaxInvest (European equity), and three Aktiv Dachfonds (fund-of-funds) running from defensive (AktivBasis) through balanced (AktivBalance) to offensive (AktivChance). All funds are German-domiciled UCITS, with the WAVE Total Return ESG and Dachfonds vehicles classified under EU OffVO Article 8. The total operating platform uses MSCI ESG data for environmental, social, and governance integration across portfolio construction, supported by WAVE's UN PRI signatory status and FNG-Siegel certification.
Revenue is generated almost exclusively through recurring asset-based management fees (Total Expense Ratios of 0.59% on institutional shares to 1.69% on retail shares, billed annually), paid by both institutional direct clients and retail investors accessing the funds through intermediary distribution. The firm complements this captive AUM franchise with partnership relationships: Universal-Investment GmbH serves as external Kapitalverwaltungsgesellschaft, ABN AMRO Bank Frankfurt acts as custodian, and VHV Gruppe provides institutional backing and distribution scale. The 11-50 employee headcount is lean relative to the €17 billion AUM, reflecting a focused operating model heavily reliant on the parent group's distribution reach.
Wave Management firmographics
Firmographics- Name
- Wave Management
- Legal name
- WAVE Management AG
- Website
- https://wave-ag.de
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- WAVE Management AG is a BaFin-licensed German asset manager, wholly owned by VHV Gruppe, managing approximately €17 billion across eight investment funds spanning ESG, fixed income, balanced, and equity strategies for institutional and retail clients in Germany.
- Ownership category
- akta.pro rank
Wave Management industry classification
Industry- Product category
- Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Values-Based/ESG & Impact-Focused RIAs (FSAAACAK)
- akta.pro secondary industries
- Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL), ESG/Sustainable Investment Advisory (FSAEAAAJ), ESG Reporting, Disclosure & Regulatory Compliance (SFDR, EU Taxonomy, TCFD/ISSB) (FSAAALAK), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)
Keywords
Where Wave Management is headquartered
LocationHeadquarters
- HQ city
- Hanover
- HQ country
- Germany
- HQ region
- Europe
Offices1 record
Markets served
Wave Management business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Securities Services and Portfolio Management Fees: Fees earned from managing client assets under management (approximately 17 billion EUR). Revenue is generated through management fees calculated as a percentage of assets under management.
- Fund Management Fees: Ongoing costs/expense ratios charged to fund investors. Ranges from 0.59% (institutional share class) to 1.69% (retail share class) of assets under management annually.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | AktivChance - Retail share class with higher ongoing costs |
| Subscription | Annual | WAVE Total Return ESG I - Institutional share class |
| Subscription | Annual | WAVE Total Return ESG R - Retail share class |
| Subscription | Annual | HannoverscheMediumInvest - Mixed asset fund |
| Subscription | Annual | HannoverscheBasisInvest - Bond fund with lowest costs |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
Wave Management product offering
Product offeringCore offering
WAVE Management AG is a BaFin-regulated asset manager that provides securities portfolio management, risk and controlling services, strategic asset allocation consulting, and investment advisory to professional clients and suitable counterparties within the VHV Gruppe. The firm manages approximately 17 billion EUR in customer assets across eight investment funds spanning equity, bond, mixed-asset, and ESG-focused strategies, distributed to both institutional and retail investors.
Product overview
Wave Management AG operates as an asset manager for the VHV Gruppe, offering a portfolio of eight investment funds across various risk profiles and asset classes. The product lineup includes Total Return ESG funds (available in retail and institutional share classes), three Hannoversche funds (BasisInvest as a bond fund, MediumInvest as a balanced mixed fund, and MaxInvest as an equity fund), and three Aktiv Dachfonds (funds-of-funds) ranging from defensive (AktivBasis) to balanced (AktivBalance) to offensive (AktivChance) strategies. All funds are domiciled in Germany, with ESG-focused funds carrying the FNG-Siegel certification.
Differentiator
Problem solved
Functional benefit
Products and services
- WAVE Total Return ESG R
Quantifiable outcome
- Managing approximately 17 billion EUR in customer assets
- +2 more outcomes
Companies that use Wave Management
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Wave Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature2 records
Wave Management partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Universal-Investment GmbHcoreExternal capital management company serving as the management company (Kapitalverwaltungsgesellschaft) for WAVE's funds, handling fund administration, compliance, and regulatory oversight.
- MSCI ESGcoreGlobal provider of sustainability analysis and ESG ratings. Provides data for environmental, social, and governance analysis across all portfolio construction levels.
- UN PRI (Principles for Responsible Investment)coreUnited Nations-initiated principles for responsible investing. WAVE is a signatory, committing to integrate ESG issues into investment analysis and decision-making processes.
- Bundesverband Alternative Investments e.V. (BAI)minorGerman alternative investment industry association. WAVE is a member, supporting industry representation and best practice development.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Wave Management competitors and assessment
Company assessmentDirect peers
- Flossbach von Storch: Independent German wealth manager and asset manager with a strong multi-asset fund range and brand recognition among German private investors. Closely comparable to WAVE on product philosophy (multi-asset, risk-managed), retail distribution, and German-market focus, though organized as an independent rather than an insurance-owned KVG.
- MEAG: Munich Re Group's asset manager, providing portfolio management for insurance balance sheets and third-party institutional clients. Direct parallel to WAVE's structure as the captive asset manager of an insurance parent (VHV Gruppe) serving both internal and external institutional mandates.
- Deka Investment: Asset manager of the German Sparkassen organization with a deep domestic distribution footprint and a fund range covering bonds, balanced, equity, and Dachfonds. Highly comparable to WAVE on retail distribution model and product mix, though at much larger scale.
- BayernInvest: Asset manager of the Bavarian savings bank network, offering institutional mandates and a retail fund range. Comparable to WAVE as a German regional-banking-affiliated KVG with mixed bond, balanced, and equity funds plus ESG strategies.
- Union Investment: One of Germany's largest German-language asset managers with a broad retail and institutional fund range including ESG-labeled products. Comparable to WAVE as a BaFin-regulated KVG with multi-channel Sparkassen and bank distribution and a similar mix of bond, balanced, and equity funds.
Broad incumbents
- DWS Group: Largest German asset manager (formerly Deutsche Asset Management) with a much broader global product shelf. Comparable to WAVE in retail and institutional fund offerings but operates at far greater scale and international reach, making it both a competitor and a benchmark.
- Allianz Global Investors (AllianzGI): Global asset manager owned by Allianz Group with significant European institutional and retail fund business. Comparable to WAVE in the institutional advisory and ESG fund space, but with vastly deeper product breadth and parent-distribution synergies similar in kind (though much larger in scale) to WAVE's VHV relationship.
- Amundi: Europe's largest asset manager with a strong German footprint through its own funds and prior acquisitions. Comparable to WAVE in the ESG and Dachfonds product categories, and represents the type of scaled European incumbent WAVE competes against for institutional mandates.
Regional players
- Hansainvest: German KVG serving institutional and semi-institutional clients with fund administration and asset management services. Comparable to WAVE in fund administration and ESG fund offerings, and is a competitor in the third-party KVG space where Universal-Investment also operates.
Others
- Universal-Investment: Largest German third-party KVG (Kapitalverwaltungsgesellschaft) and fund administration platform. WAVE is currently a client of Universal-Investment for fund administration, making it both a service provider and a potential peer in the institutional fund management space.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
Wave Management social profiles
Digital presenceWave Management compliance and trust
Trust signalCompliance4 records
Wave Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wave Management leadership team
Management profileNumber of profiles
Profiles3 records
Wave Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wave Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wave Management
What does Wave Management do?
WAVE Management AG is a BaFin-regulated asset manager that provides securities portfolio management, risk and controlling services, strategic asset allocation consulting, and investment advisory to professional clients and suitable counterparties within the VHV Gruppe. The firm manages approximately 17 billion EUR in customer assets across eight investment funds spanning equity, bond, mixed-asset, and ESG-focused strategies, distributed to both institutional and retail investors.
Is Wave Management a public or private company?
Wave Management is a private company. It is classified as corporate owned and is currently operating.
When was Wave Management founded?
Wave Management was founded in 2000. It employs 11 to 50 people.
Where is Wave Management based?
Wave Management is headquartered in Hanover, Germany, in the Europe region.
How does Wave Management make money?
Two revenue lines are on record. Securities Services and Portfolio Management Fees are the primary driver. The others are fund Management Fees.
Who are Wave Management's main competitors?
Direct peers on record are Flossbach von Storch, MEAG, Deka Investment, BayernInvest and Union Investment. Broad incumbents are DWS Group, Allianz Global Investors (AllianzGI) and Amundi. Hansainvest is listed as a regional player. Universal-Investment is listed as an others.
Does Wave Management have an API?
No public API is recorded for Wave Management.
What industry is Wave Management in?
Wave Management's product category is Asset Management. Its primary akta.pro industry code is FSAAACAK, Values-Based/ESG & Impact-Focused RIAs, with a secondary code of FSAAAGAL, Institutional Separate Accounts & SMAs (Mandates). Its NAICS code is 523940 and its SIC code is 6282.