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Capitell
Markus Korfmacher leads Capitell, an employee-owned German multi-family office managing over EUR 4 billion for private clients, families, and foundations.
Capitell
Capitell was founded in 2000 in Frankfurt and operated originally as equinet Asset Management AG, a unit of the equinet Group, until a rebranding and spinout in 2010. A pivotal restructuring took hold in late 2016 when a management buyout backed by employee shareholders reduced the majority stake held by Daniel Hopp through Privatbank Berlin von 1929 AG, cementing the 78% employee equity ownership that defines the firm today. Though no single wealth origin drives the firm, Capitell's shareholder register as of August 2025 includes MC Portfolio AG and Westend Bank AG alongside Hopp's residual stake. The firm deploys capital across global equities, corporate bonds, and sustainability-mandated portfolios for its private-client, family office, and foundation client base. Confirmed client mandates include the Niedersächsische Bingo-Umweltstiftung, Erzabtei St. Ottilien, the Kurt und Ernst Schwitters Stiftung, and the Buhck-Stiftung—each requiring bespoke risk profiles and liquidity management. Geographic capital-at-risk concentrates on European listed assets, but CIO Chris-Oliver Schickentanz confirmed at a 2025 Privatize conference that Capitell is actively building private-market access for clients, using platforms to route capital into direct co-investment-style opportunities. With over 60 professionals distributed across offices in Frankfurt, Hamburg, Mannheim, Hannover, Baden-Baden, Heilbronn, Ulm, and a client-service representation on Sylt, Capitell counts itself among the ten largest independent asset managers in Germany. Its professionals carry designations from DVFA and effas, and the firm maintains institutional memberships in the UN PRI and the Verband unabhängiger Vermögensverwalter Deutschland. In June 2025, the firm published a market note on how the prolonged closure of the Strait of Hormuz affects portfolio-level energy and transport exposure, underscoring its internal tactical asset-allocation function. Capitell's architecture turns on a structural logic that many larger private banks abandoned: direct, non-incentivized advisory with an equity-linked employee base. Because 78% of the shares sit with operating staff, no external parent bank imposes distribution targets or house-fund quotas. This governance model aligns the employment duration of relationship managers with the multi-decade stewardship that foundation and family-office clients require, making Capitell a governance-first solution in a German wealth-management landscape still dominated by vertically integrated banking groups.
General information
Firm type
Multi Family Office
Year founded
2000
AUM
>EUR 4 billion (per the firm); ~$4.5B (Altss estimate)
Location
Region
Europe
Country
Germany
City
Frankfurt am Main
Corporate office
Hedderichstr. 55-57, 60594 Frankfurt am Main, Germany
Additional offices
Hamburg, Germany · Mannheim, Germany · Hannover, Germany · Baden-Baden, Germany · Heilbronn, Germany · Ulm, Germany · Sylt, Germany
Principals
Markus Korfmacher
Vorstand
Chris-Oliver Schickentanz
CIO
Sector focus
Frequently asked questions
Who runs investment decisions at Capitell?
Chief Investment Officer Chris-Oliver Schickentanz leads Capitell's investment strategy and portfolio management team. Schickentanz is a certified investment analyst of both DVFA and effas, and he represents the firm publicly at industry conferences, most recently discussing private-market access at Privatize in 2025. The Vorstand, Markus Korfmacher, oversees the broader firm operations.
How is Capitell structurally different from a typical German private bank or asset manager?
Capitell is 78% employee-owned following a management buyout in late 2016. This ownership structure means relationship managers and portfolio specialists are directly tied to the firm's equity rather than subject to external pressure from a parent bank's product-distribution targets. The firm operates without a proprietary product suite or sales incentives, charging transparent management fees instead of commissions.
Does Capitell manage assets for foundations, and how does that work?
Yes, Capitell serves a book of foundation clients with individualized mandates. Confirmed foundation relationships include the Niedersächsische Bingo-Umweltstiftung, Erzabtei St. Ottilien, the Kurt und Ernst Schwitters Stiftung, and the Buhck-Stiftung. Each mandate is governed by the foundation's specific asset-allocation rules, requiring liquidity management and risk parameters that differ meaningfully from private-client accounts.
What is the relationship between Capitell and Daniel Hopp?
Daniel Hopp is a significant minority shareholder in Capitell, having sold a majority stake in late 2016 through his vehicle Privatbank Berlin von 1929 AG. Since that management buyout, the firm's day-to-day control rests with employee shareholders and the executive management. Hopp retains a residual equity interest, but the firm operates as an independent, employee-controlled entity.
Does Capitell invest in private markets or only public securities?
Capitell's core portfolio is constructed from global public equities and corporate bonds. However, CIO Chris-Oliver Schickentanz confirmed in 2025 that the firm is actively exploring private-market access routes for its clients, working with platforms like Privatize to deliver direct or co-investment-style private equity and venture exposure. This private-markets effort is supplemental to the firm's liquid-asset mandate.
What professional memberships or standards does Capitell adhere to?
Capitell is a signatory to the United Nations Principles for Responsible Investment and a member of the Verband unabhängiger Vermögensverwalter Deutschland, the German association for independent asset managers. Its CIO is certified by both the DVFA and the European Federation of Financial Analysts Societies, signaling a commitment to institutional-grade analytical standards.
Where are Capitell's offices and how does the firm serve clients outside Frankfurt?
Capitell operates seven main offices across Germany: Frankfurt, Hamburg, Mannheim, Hannover, Baden-Baden, Heilbronn, and Ulm, with an additional client-service representation on the island of Sylt. The geographic spread positions advisors close to wealthy families and business-owner clients in both northern and southern Germany. The firm also services clients via telephone and videoconference.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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