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Community is everything 2013 annual report and CSR report Union Investment – Partner of the Cooperative Banks and a DZ BANK Group Company The Union Investment Group is one of the largest and Banking. The DZ BANK Group forms part of the Ger- most important providers in Germany’s asset manage- man cooperative financial network, which comprises ment industry, with more than 50 years of expertise in more than 1,100 local cooperative banks and is one fund management, and assets under management of of Germany’s largest private-sector financial services over € 206.2 billion. Union Investment actively man- organizations in terms of total assets. Within the ages assets, offering tailored investment solutions for cooperative financial network, DZ BANK AG functions both retail and institutional investors. both as a central institution for over 900 cooperative banks (and their roughly 12,000 branch offices) and Union Investment is a member of the DZ BANK Group as a corporate bank. alongside Bausparkasse Schwäbisch Hall, DG HYP, DZ PRIVATBANK, R+V Versicherung, TeamBank, VR This combination of banking, personal investment LEASING, and various other specialized institutions. products and services, insurance, and home savings The companies in the DZ BANK Group constitute key has a long and successful tradition in the cooperative pillars in the range of financial products and services financial network. The specialized institutions in the offered by the cooperative financial network. The DZ DZ BANK Group provide top-class, highly competitive BANK Group sets out its strategy and range of services products at reasonable prices within their specific for the cooperative banks and their customers through areas of expertise. This ensures that the cooperative its four strategic business lines – Retail Banking, banks in Germany are able to offer their clients a com- Corporate Banking, Capital Markets, and Transaction prehensive range of outstanding financial services. 2013 2012 2011 2010 Assets under management (AuM) (€ billion) 206.2 190.5 170.3 177.4 Mutual funds 120.8 114.8 103.0 109.7 Special funds 61.3 58.8 53.3 54.4 Other formats ¹ 30.0 26.1 20.3 19.1 Formats managed by third parties ² -6 -9.2 -6.3 -5.8 Market share of total BVI assets under management ³ 12.8% 12.3% 11.8% 11.9% Market share of BVI mutual funds (AuM) 19.6% 19.5% 18.2% 18.1% Market share of BVI special funds (AuM) 11.4% 11.0% 11.7% 11.9% Net inflows (€ billion) 10.1 9.9 -1.5 8.7 Mutual funds 1.4 5.4 -2.1 -0.3 Special funds 1.9 2.1 0.3 6.2 Other formats ¹ 2.9 3.7 1.3 3.0 Formats managed by third parties ² 3.9 -1.3 -1.0 -0.2 Market share of total inflows to BVI (AuM) ³ 20.1% 14.9% -36.2% 25.0% Market share of inflows to BVI mutual funds (AuM) 35.4% 41.0% n.a. 4 -32.0% Market share of inflows to BVI special funds (AuM) 9.4% 10.3% 4.4% 21.5% Number of products 963 998 969 957 Mutual funds 690 708 675 634 Special funds 311 323 308 318 Other formats ¹ 253 250 249 246 Formats managed by third parties ² -291 -283 -263 -241 ¹ Fund-linked asset management, institutional asset management, private banking, advisory services. ² Notional adjustment of assets under management for formats that are administered by Union Investment but managed by third parties. ³ Based on fund management statistics published by the Bundesverband Investment und Asset Management e.V. (BVI) [Federal Association of German Fund Management Companies], analysis of managed funds. 4 Total new business in the sector was down, therefore no market share can be shown. Source: Union Investment; as at December 31, 2013 4 Community is everything A good payoff New build with a seal of A step ahead Good corporate governance in the approval Union Investment has developed interests of investors – Certification of the new MainTor its own tools so that it can predict a good payoff Porta building in Frankfurt – investment risks as accurately as a report possible 5 15 examples of how more can be achieved by working together Contents Letter to shareholders 8 1 What makes a community 10 2 Laying the foundations for future prosperity 18 3 A tradition of engagement 24 4 Preparing for the future 28 5 UniProfiRente – the right Riester pension product 30 6 A good payoff 34 7 New build with a seal of approval 38 8 An obligation for all eternity 40 9 Achieving a balance 44 10 Every call is unique 46 11 The current champion 49 12 Navigating a course for returns 52 13 A step ahead 54 A good 14 Escaping the core trap 58 15 Community as a way of life 62 6 payoff Union Investment is almost unique among 2013 financial report 67 fund management companies in the way that Group management report 70 it stands up for good corporate governance in Report of the Supervisory Board 102 the interests of shareholders. This commitment Consolidated financial statements 104 creates tangible financial benefits. Page 34 Audit opinion (translation) 170 Shareholders and decision-making bodies 171 2013 CSR report 175 About this report 176 Sustainability program 178 Our real-estate portfolio 183 GRI Index 199 GRI report 211 Glossary 213 Editorial information 217 6 Union Asset Management Holding AG 2013 Annual Report 15 examples of how more can be achieved by working together 7 New build with a seal of approval A sustainably designed building fits in perfectly with the environ- mental targets and certified environmental management system of Union Investment. That is why it wants the new MainTor Porta building in Frankfurt to be awarded a gold certificate from the German Sustainable Building Council. A complex project. Page 38 13 A step ahead The financial crisis revealed the weaknesses of the major rating agencies. Union Invest- ment has developed its own tools so that it can predict the country risk of investments as accurately as possible. The tools broaden the decision-making basis for investments, for ex- ample taking into consideration factors such as corruption in public authorities and companies. This increases the quality of financial products. Page 54 7 Dear readers and shareholders, What happens when the parameters within which we operate change significantly and the tried-and-tested approaches no longer work? This is the issue that particularly concerns us at the moment. Permanently low interest rates threaten the prosperity of our society. The Germans are becoming poorer as they save. Although they are diligent savers, their strong preference for safety means that they earn virtually no returns. Many investors have no idea how to deal with this situation. They have no experience to draw on, just an inherited attitude to investment based on interest rates that has been handed down for generations. As the trustee of customer assets totaling more than €200 billion, Union Investment knows it has a particular responsibility. We want to encourage people to invest in a more balanced manner. We know full well that we will not make the Germans into a nation of shareholders overnight. Nonetheless, our task is to present the opportunity-oriented in- vestment options and thereby give them access to more balanced investments. This is the only way that investors can generate reasonable returns when interest rates remain low for long periods. Our solutions can show them that there is a wide investment universe beyond zero interest rates. The market performed well in 2013, showing that, through active asset management, it is still possible to create wealth and add value when interest rates are low. Across all classes of securities, the funds of Union Investment generated a net return of 5.7 percent. This strong performance combined with our rigorous focus on the needs of retail and institu- tional investors again paid off in 2013. We generated net new business of €10.1 billion and increased assets under management to a record €206.2 billion. Moreover, we posted a profit before taxes of €399 million. 8 Union Asset Management Holding AG 2013 Annual Report This report shows you how we are going about achieving our primary objective of making more of our investors‘ money so that we merit their trust. The report‘s title is ‚Community is everything‘ because we take our responsibility towards society – the community – seriously and constantly strive to integrate our sustainability efforts into our core business. We are making good progress, which is why we are reporting on our sustainability activities within the framework of our annual report for the first time. ‚Community is everything‘ indicates that we can only achieve our objective as part of a community with our partners in the cooperative financial network and as a result of the huge level of commitment shown by the 2,400 or so employees of Union Investment. On behalf of the Union Investment Board of Managing Directors, I would like to take this opportunity to say a big thank you to everyone. I hope you enjoy reading this report. Kind regards, Hans Joachim Reinke Chief Executive Officer of Union Asset Management Holding AG 9 Diversity Community means having a shared philosophy with which to move forward together. The rising heat carries us and the wind moves us, all in the same direction and each on our own journey. Doing things together does not mean doing everything the same. It is the interplay between different perspectives that results in diversity. 10 Union Asset Management Holding AG 2013 Annual Report 1 What makes a community Everyone knows that the whole is greater than the sum of its parts.
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