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FERI (Schweiz) offers clients a range of advisory services and individual investment solutions to give them clarity as to how compatible their investments are with the United Nations sustainable development goals and increase their understanding of this at the different levels of the investment process.

FERI (Schweiz) has unique expertise in asset management and advisory services for discerning clients. The global quality concept is based on the quality investing approach, in which financially sound companies are identified through targeted selection on the basis of various quality characteristics.

Artificial intelligence (AI), the Internet of Things (IoT) and 5G – exponential technologies will trigger a wave of transformation in society and the environment in the coming decades. FERI (Schweiz) now offers the opportunity to actively participate in these developments and to invest in an innovative concept.

FERI (Schweiz) offers its clients customised solutions and individual investment strategies. Our particular strength lies in mandates with special risk-return targets, which we define individually with our clients

FERI (Schweiz) offers clients a range of advisory services and individual investment solutions to give them clarity as to how compatible their investments are with the United Nations sustainable development goals and increase their understanding of this at the different levels of the investment process.

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Economics Update November 2020 – The "lockdown light" and the consequences for the economy

Bad Homburg, 11/02/2020
by Axel D. Angermann, FERI
  • Forecast: GDP shrinks in the fourth quarter
  • Significant recovery probably not before spring 2021
  • Targeted pandemic control necessary to protect the economy as a whole

The "lockdown light" for the month of November, which comes into force today, will disrupt the economic recovery in the next two quarters, but will not have such a strong impact as the lockdown in the spring. For one thing, shops will remain open this time - retail trade and car purchases will thus continue to be possible. On the other hand, industry is on a solid recovery path, which is, however, threatened by poorer prospects for exports to the surrounding euro zone. Exports, especially to China, should continue to benefit from the dynamic recovery there. However, the "lockdown light" will have a clearly negative effect on private consumption. Normally, more than 20 percent of private consumer spending in Germany is accounted for by the restaurant and hotel industry, leisure and culture, as well as parts of the transport sector such as bus travel, but also fuels, which are particularly affected by the recent restrictions. If hardly any money can be turned over in these areas for a month, a significant decline in private consumption and, as a result, an overall contraction in economic output can be expected in the fourth quarter.

At best, the recovery will continue

If the measures now taken succeed in bringing the pandemic under control again, the German economy should remain on a recovery course despite the "lockdown light". However, the recovery will also be very moderate in the first quarter of 2021 due to the foreseeable continued burden of the pandemic. Higher momentum is only expected from the second quarter of 2021 onwards. Overall, we therefore expect weaker growth of around 3 percent for the German economy in 2021 (previous assumption: 4.4 percent). In return, however, economic output should then increase by a further 4.4 percent in 2022 and return to the starting level of the end of 2019 in mid 2022.

Concern about economic collateral damage

A fundamentally worse picture would emerge if the infection incidence could not be brought under control with the current measures or if another drastic lockdown should become necessary in the course of the first quarter of 2021. In this case, there would be the threat of a significant increase in insolvencies and a renewed rise in unemployment. Economic output would then not only fall in the first quarter, but would also recover very slowly thereafter. The consequence would be that the German economy would then shrink again overall in 2021. A return to the initial level would not be foreseeable by the end of 2022. It is therefore very much to be hoped that in the coming weeks politicians will find a strategy to combat the pandemic in a targeted manner so as to rule out both new waves of infection and sustained damage to the economy as a whole.


About Axel D. Angermann

As Chief Economist of the FERI Group, Axel D. Angermann analyses the economic and structural developments of all markets that are important for asset allocation. This data forms the basis for the strategic orientation of FERI's asset investments.

Angermann has been responsible for the analyses and forecasts prepared by FERI for the overall economy and individual sectors since 2008. He joined the company in 2002 as an industry analyst. His professional career began at the Max Planck Institute for Economics and the German Chemical Industry Association. Angermann studied economics in Berlin and Bayreuth.


About FERI

Founded in 1987 and headquartered in Bad Homburg, Germany, the FERI Group has developed into one of the leading investment houses in the German-speaking area. FERI offers tailor-made solutions for institutional investors, family assets and trusts in the following areas:

The FERI Cognitive Finance Institute was formed in 2016. It is the strategic research centre and creative think tank of the FERI Group. The Institute focuses on innovative analyses and the development of methods for long-term oriented economic and capital market research. 

FERI and MLP currently have assets of EUR 39.6 billion under management. A total of EUR 9 billion of these assets are alternative investments. The FERI Group is headquartered in Bad Homburg and has offices in Dusseldorf, Hamburg, Luxembourg, Munich, Vienna and Zurich.



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Katja Liese

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D-61348 Bad Homburg

Axel D. Angermann
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Katja Liese
Member of the Management Board
Corporate Strategy, Marketing and Communications

T +49 (0) 6172 916-3192
F +49 (0) 6172 916-1192
presse@feri.de

FERI AG
Rathausplatz 8-10
D-61348 Bad Homburg

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Katja Liese
Member of the Management Board
Corporate Strategy, Marketing and Communications

T +49 (0) 6172 916-3192
F +49 (0) 6172 916-1192
presse@feri.de

FERI AG
Rathausplatz 8-10
D-61348 Bad Homburg

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