Capitulum Asset Management Gmbh

What Capitulum Asset Management Gmbh does

Capitulum Asset Management GmbH is an owner-managed investment boutique founded in Berlin in 2018, specializing in active, benchmark-agnostic management of global bond strategies with particular focus on emerging market local currency debt. The firm manages approximately EUR 2 billion in total assets across three public mutual funds — Capitulum Rentenstrategie optimiert Universal (currency- and rate-hedged global bonds), Capitulum Sustainable Local Currency Bond Fonds UI (Article 8+ SFDR / VAG-compliant), and Capitulum Weltzins-Invest Universal (local currency global bonds) — alongside institutional Spezialfondsmandate and advisory mandates.

The investment process is described as disciplined, systematic, and anti-cyclical, exploiting market mispricings rather than tracking benchmarks, with sustainability criteria integrated into decision-making. Operational infrastructure is provided through partner KVGs (Universal Investment, Deka, Allianz Global Investors, INKA), the NFS Netfonds BaFin-licensed Haftungsdach for advisory distribution, and global custodians (State Street, BNP Paribas, HSBC, Apobank, Caceis).

Capitulum earns recurring management fees from public funds (both P and I share classes), recurring fees on bespoke institutional separate accounts, and fee income from advisory mandates, investment-committee work, and speaking engagements. Distribution combines platform reach (Universal Investment), partnership channels (Deka, Allianz GI, LBBW AM), and direct institutional sales led by Managing Director Sales Alexander Karbstein. The firm is led by Managing Partner Lutz Röhmeyer, CFA (20+ years of investment experience), with Alexander Karbstein (Sales, 25+ years) and Theodor Kirschner (Fund Advisor, CFA) on the management team.

Name

Capitulum Asset Management Gmbh

Legal name

Capitulum Asset Management GmbH

Website

https://www.capitulum-am.com

Company type

Private

Founded year

2018

Operating status

Operating

Short description

Capitulum Asset Management GmbH is a Berlin-based, owner-managed investment boutique founded in 2018 that actively manages approximately EUR 2 billion in global bond strategies — with particular focus on emerging market local currency debt — for institutional investors (foundations, pension funds, family offices) and retail clients.

Ownership category

akta.pro rank

Product category

Investment Management (Global Bond Strategies)

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industries

Investment Management Advisory (RIA) (FSAEAAAB), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Global bond strategies
• Emerging market local currency bonds
• Institutional asset management
• Sustainable fixed income
• Special fund mandates

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Public Fund Management Fees (Publikumsfonds): Capitulum AM earns recurring management fees from managing three public mutual funds: Capitulum Rentenstrategie optimiert Universal, Capitulum Sustainable Local Currency Bond Fonds UI, and Capitulum Weltzins-Invest Universal. Both retail (P share class) and institutional (I share class) share classes are available for most funds, generating tiered fee revenue.
2. Institutional Special Mandate Management (Spezialfondsmandate): Management of bespoke institutional separate accounts and special fund mandates, generating recurring management and potentially performance fees from institutional investors such as foundations, pension funds, and family offices.
3. Advisory and Consulting Services: Services include advisory mandates for investment committees of foundations or supervisory boards, capital market corporate consulting, and speaking engagements — all generating fee income beyond traditional fund management.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Capitulum Asset Management GmbH is an owner-managed investment boutique that manages global bond strategies for institutional and private investors. It runs three public mutual funds and bespoke institutional special fund mandates, applying a disciplined, anti-cyclical, benchmark-agnostic process focused on bonds in local currencies, with sustainability criteria integrated into the investment approach. It also offers advisory mandates for investment committees, supervisory boards and capital market consulting under its BaFin-licensed Haftungsdach relationship.

Differentiator

Problem solved

Functional benefit

Products and services

• Capitulum Rentenstrategie optimiert Universal A globally diversified bond fund that actively invests in bonds while permanently hedging foreign exchange and interest rate risks. Available in class P (retail, ISIN DE000A2H7NT3) and class I (institutional, ISIN DE000A2H7NS5).
• Capitulum Sustainable Local Currency Bond Fonds UI A sustainable bond fund investing globally in bonds issued in local currencies, compliant with Article 8+ SFDR and VAG investment regulations. Available in share class P for retail (ISIN DE000A2PB6P8), class A for distribution (ISIN DE000A2JF7Y2), and class T for accumulation (ISIN DE000A2JF7Z9).
• Capitulum Weltzins-Invest Universal A globally diversified bond fund investing in bonds issued in local currencies, compliant with Article 6 of the SFDR disclosure regulation. Available in class P for retail (ISIN DE000A2H7NV9) and class I for institutional investors (ISIN DE000A2H7NU1).
• Institutional Special Fund Mandates (Spezialfondsmandate) Bespoke institutional separate accounts and special fund mandates (Spezialfondsmandate) for foundations, pension funds, family offices and other professional investors, applying the firm's anti-cyclical, benchmark-agnostic global bond process.
• Fund Advisory Services Advisory services for public and special fund mandates delivered under the NFS Netfonds Haftungsdach, including committee mandates (e.g., investment committees of foundations), supervisory board positions, capital market corporate consulting and speaking engagements.

Quantifiable outcome

• EUR 2 billion total assets under management across public funds and institutional mandates (as stated on company website)
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered strategic, core and minor.

• LBBW Asset ManagementstrategicChannel Partner/ Reseller/ Distributor · 18 April 2018LBBW AM and Capitulum entered a strategic partnership in April 2018 for co-distribution of Capitulum funds to German institutional investors. LBBW AM leverages its institutional client relationships to distribute Capitulum's emerging market bond strategies. The partnership was publicly announced with coverage in fondsprofessionell, institutional-money.com, and citywire.de.
• Universal InvestmentcoreChannel Partner/ Reseller/ DistributorUniversal Investment serves as the KVG (Kapitalverwaltungsgesellschaft/fund management company) for all three Capitulum public mutual funds. They handle prospectus liability, investment limit compliance, trading, risk management, fund administration, reporting, and fund distribution. This is the primary operational infrastructure enabling Capitulum's funds to function within German and European regulatory frameworks.
• NFS Netfonds Financial Service GmbHcoreChannel Partner/ Reseller/ DistributorNFS Netfonds provides the BaFin-licensed Haftungsdach (liability umbrella) under which Capitulum AM operates its advisory business. This enables Capitulum to provide investment advisory services and distribute fund products under §15 Abs. 1 WpIG. Capitulum also directs clients to NFS's sustainability disclosures for product-level ESG information.
• DekacoreChannel Partner/ Reseller/ DistributorDeka (via its asset management arm Deka Vermögensmanagement, formerly LBB-INVEST) is listed as a KVG partner alongside Universal Investment and Allianz Global Investors. Deka's extensive branch network through the Sparkassen (German savings banks) represents a major distribution channel for Capitulum funds.
• Allianz Global InvestorscoreChannel Partner/ Reseller/ DistributorAllianz Global Investors is listed as a KVG partner for fund management, compliance, and distribution. The Allianz network (including insurance agents and financial advisors) provides an additional distribution channel for Capitulum's bond fund products in the German market.
• INKA (Kapitalverwaltungsgesellschaft)minorChannel Partner/ Reseller/ DistributorINKA (Internationale Kapitalanlagegesellschaft mbH) is listed as one of the KVGen partners handling fund administration, compliance, trading, and risk management functions alongside Universal Investment.
• State Street, BNP Paribas, HSBC, Apobank, Caceis (Global Custodians)coreTechnology or IntegrationThese global custodians serve as depositary banks (Verwahrstellen) for the Capitulum funds, providing custody, settlement, and full market coverage. State Street, BNP Paribas, and HSBC are internationally recognized custodians; Apobank serves German healthcare professionals; Caceis is the securities services arm of Crédit Agricole.
• pfeffer Steuerberatung BerlinminorOthersBerlin-based accounting and tax advisory firm handling bookkeeping and financial accounting (Buchführung und Rechnungswesen) for Capitulum Asset Management GmbH.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• LBBW Asset Management: Stuttgart-headquartered German institutional fixed-income manager and Capitulum's explicit strategic distribution partner since April 2018 (per institutional-money.com). Competes in similar DACH institutional mandates while also serving as a distribution channel.
• Ashmore Group: Public specialist asset manager exclusively dedicated to emerging-market debt and currencies — the purest direct peer for Capitulum's WorldZins-Invest and Sustainable Local Currency Bond strategies in terms of investment universe and institutional client orientation.
• TCW Group: US-based asset manager with a long-tenured emerging-markets debt franchise (TCW Emerging Markets Fixed Income). Comparable active, benchmark-agnostic approach to emerging-market bond investing targeting institutional clients.
• Ninety One: Global active asset manager with a substantial emerging-markets debt franchise (formerly Investec Asset Management). Overlaps directly with Capitulum on emerging-market hard-currency and local-currency strategies sold to institutional and wholesale clients in DACH and Europe.
• Stone Harbor Investment Partners: Boutique asset manager fully dedicated to emerging-markets fixed income with multi-strategy products spanning sovereign, corporate, and local-currency debt. The boutique model and EM-debt-only focus make it a closest pure-play peer to Capitulum's product set.
• BlueBay Asset Management: London-based fixed-income specialist with deep emerging-markets local-currency debt capabilities and institutional mandate focus. Directly comparable product/strategy offering to Capitulum's EM local-currency and global bond products, serving similar institutional investor base.
• Deka Vermögensmanagement: German fixed-income asset manager formed from the legacy LBB-INVEST business from which Capitulum's two senior team members originated. Operates in the same universe of German institutional bond management and competes for the same Sparkassen and VAG-eligible mandates.

Broad incumbents

• Allianz Global Investors: Global asset manager (part of Allianz SE) and listed KVG partner to Capitulum. Operates a much broader multi-asset product shelf including EM debt strategies but competes for the same German institutional and insurance-mandate wallet as Capitulum.
• Eaton Vance / Morgan Stanley Investment Management (Emerging Markets Debt): Long-tenured EM debt capability (acquired via Eaton Vance). Comparable emerging-markets fixed-income product offering delivered through a much larger parent platform and broader distribution network.

Others

• Universal Investment: Germany's largest independent fund management company (KVG) and Capitulum's primary infrastructure partner — performs fund administration, compliance, risk management, and distribution for all three public funds. While not a competing adviser, Universal controls the operational and distribution rails on which Capitulum depends.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/capitulum-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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 Capitulum Asset Management Gmbh