Union Investment
| Union Investment | |
| Aktiengesellschaft | |
| Industry | asset management |
| Founded | 26 January 1956 |
| Headquarters | Frankfurt, Germany |
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Key people
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Number of employees
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2,453 |
| Website | www |
Union Investment (formal name Union Asset Management Holding AG) is the investment arm of the DZ Bank Group and part of the cooperative financial services network. It was founded in 1956 and is headquartered in Frankfurt.
Trading in open-end funds occurs in part through the 1,101 credit unions in Germany (Volksbanken Raiffeisenbanken Co-operative, including Sparda-Banks, PSD-banks, etc.) and in part through the external services of Bausparkasse Schwäbisch Hall AG, DZ Bank Group's building society.
The primary shareholders in Union Investment are DZ Bank with 54.44% and WGZ Bank (the central bank of the credit unions in the Rhineland and Westphalia) with 17.72%. Other shareholders include BBBank and the credit unions through their membership associations.
As of 31 March 2013[update], Union Investment has self-declared assets under management of approximately 197.4 billion euro.
Union Asset Management Holding AG has 15 subsidiaries, including:
The Union-Investment-Gesellschaft mbH was the third German investment association to be founded, on 26 January 1956, by 14 credit unions. The UniFonds was created the same year as its first open-end fund. The first offering of investment vehicles outside Germany was in 1961, in Belgium.
Co op Immobilienfonds Verwaltung AG was founded in Hamburg in 1965 and in 1980 renamed Deutsche Immobilien Fonds AG or DIFA. The initial stockholders were the Central Institute of Consumer Cooperatives and the Bank für Gemeinwirtschaft. In 1966 DIFA launched an open-end property fund, Co op Immobilienfonds, later renamed DIFA-Fonds Nr. 1 (DIFA Fund No. 1). Starting on 15 January 2007, DIFA did business under the name Union Investment Real Estate AG; in 2009 it was converted to a GmbH.
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