Value Management & Research (VMR)

Name

Value Management & Research (VMR)

Legal name

NSI Asset AG

Website

https://vmr.de

Company type

Public

Founded year

1993

Operating status

Operating

Ownership category

akta.pro rank

Product category

Financial Holding Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Funds, Trusts, and Other Financial Vehicles (525), Management of Companies and Enterprises (551), Portfolio Management and Investment Advice (523940)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Discretionary Portfolio Management (DPM) (FSAAABAC)

akta.pro secondary industry

Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

Keywords

• Financial holding company
• Structured investments
• Digital brokerage
• Real estate investment
• Capital management

Headquarters

HQ city

Kronberg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Holdings and Portfolio Management: As a holding company, VMR/NSI Asset AG generates revenue through direct or indirect acquisition, holding, and disposal of participations in companies operating in wealth advisory, financial portfolio management, investment brokerage, transaction brokerage, and proprietary trading. The company earns returns through dividends, capital gains on disposals, and value appreciation of portfolio companies.

Core offering

Value Management & Research (VMR), operating under NSI Asset AG, is a publicly listed German holding company headquartered in Hamburg (with additional operations in Kronberg) that acquires, holds, and disposes of participations in fintech-based financial services companies. Through its portfolio of subsidiaries, it offers structured investments, capital management, real estate investments, and digital brokerage services targeting private retail customers in Germany.

Product overview

NSI Asset AG operates as a multi-brand financial services holding company (successor to Value Management & Research AG, VMR Group) with a platform-plus-subsidiaries architecture. The holding provides centralized strategic direction, digitalization, and capital for a portfolio of specialized operating companies. The portfolio includes: NSI structured investments (real estate investment products), NSI Immobilien GmbH (residential property management), NSI Kapitalverwaltungsgesellschaft mbH (alternative investment fund administration), WZL (acquired property management), Sankt Jacobus Grundbesitz Sachsen GmbH (real estate holdings), and the acquired 4Free/fondsvermittlung24.de digital brokerage group. The company targets scalable, technology-enabled financial services with a focus on investment funds, brokerage, and property insurance customer bases.

Differentiator

Problem solved

Functional benefit

Brands

• NSI structured investments: Specialists for real estate investment with a thoughtful investment universe for customers.
• NSI Immobilien
• NSI Kapitalverwaltungsgesellschaft
• WZL
• fondsvermittlung24.de

Products and services

• NSI Structured Investments

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• 4FreecoreStrategic or Co-development PartnerAcquired company that demonstrates NSI Asset AG's acquisition-based growth strategy. The 4Free acquisition enabled rapid build-up of large private customer bases, allowing the company to offer better advisory and service technologies to these customers.
• fondsvermittlung24.de GruppecoreStrategic or Co-development PartnerAcquired as part of acquisition-based growth strategy. Combined with 4Free acquisition, enabled rapid customer base expansion in investment fund brokerage services.

Scale indicators2 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• FinLab AG: Germany-based listed holding company that builds and acquires stakes in fintech and digital financial services companies. Directly comparable to NSI Asset AG in mandate, listed structure, and acquisition-driven growth model targeting German/European retail financial services.
• Effecten-Spiegel AG: German listed holding company with roots in financial publishing and investments. Comparable as a small-cap German listed entity operating with a holding-company structure over financial-services-related assets.
• Heliad Equity Partners GmbH & Co. KGaA: Frankfurt-listed investment company holding equity stakes in German growth and fintech companies. Comparable as a small-cap German listed holding pursuing minority and majority investments in financial services and adjacent businesses.
• Sparta AG: Small German listed holding company historically focused on financial-services participations. Comparable as a small-cap German listed financial holding, similar to NSI's profile on m:access.
• Lloyd Fonds AG: Hamburg-based listed asset and wealth manager with activities in portfolio management, real estate investment products, and capital management. Closely matches NSI's combination of AIF management, real estate investment offerings, and German retail-wealth focus.
• RCM Beteiligungs AG: Small-cap German listed holding company focused on financial services and real estate participations. Operates in the same micro-cap listed-holding space on the German exchanges with comparable scale and acquisition strategy.

Broad incumbents

• Baader Bank AG: Unlisted German bank providing brokerage, fund administration, and capital markets services. Overlaps with NSI's brokerage and fund distribution subsidiaries and illustrates an incumbent in the same German capital-markets service stack.
• DWS Group GmbH & Co. KGaA: Major Frankfurt-listed asset manager (Deutsche Bank spin-off) offering investment funds, portfolio management, and wealth solutions globally. Comparable product set (funds, AIF-style products, portfolio management) but vastly larger scale and broader distribution.
• flatex AG (flatexDEGIRO): One of Germany's largest retail online brokers, active in brokerage and securities trading for retail customers. NSI's fondsvermittlung24.de and 4Free brokerage subsidiaries target the same retail-brokerage customer in Germany at a much smaller scale.
• MBB SE: Berlin-listed family-owned industrial/services holding company that acquires and develops small-to-mid-cap German businesses. Larger and more diversified than NSI but provides a benchmark for how a small-cap German listed holding can compound value via disciplined add-on acquisitions.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 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 Value Management & Research (VMR)