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KSW Vermögensverwaltung
KSW Vermögensverwaltung AG was founded in 1997, positioning itself as a bank-independent asset manager for wealthy private clients, entrepreneurs,...
KSW Vermögensverwaltung
KSW Vermögensverwaltung AG was founded in 1997, positioning itself as a bank-independent asset manager for wealthy private clients, entrepreneurs, charitable institutions, and other institutional investors. The Nuremberg-based firm operates without an affiliated bank, instead functioning as a member of the Verband unabhängiger Vermögensverwalter Deutschland e.V. Its principals — including Marco Birkmann, Tobias Wagner, and Susanne Betke — oversee a service mix that extends beyond portfolio management to include succession planning, real estate financing, and foundation governance. The firm’s investment stance spans multiple asset classes. Recent market commentary from KSW’s portfolio managers highlights direct engagement with infrastructure, real estate, and software equities. Portfolio manager Thorsten Göhl argues infrastructure funds bring stability to portfolios, while Stefan Held tracks how shifting interest rates are reshaping real estate markets. Tobias Wagner has flagged AI-driven disruption in software business models, indicating that enterprise software remains an active monitoring and allocation area. Execution relies on a network of custodian banks — V-Bank, UBS, and LGT Bank AG — which hold client assets while KSW retains full investment discretion. KSW describes itself as one of Germany’s larger financial portfolio managers and the market leader in Franconia. The firm has received a "summa cum laude" rating in industry reviews, though it does not publicly disclose AUM or total team size. Its website features five named portfolio managers, and it maintains a footprint via memberships in regional economic groups in the Nuremberg Metropolitan Region and Fürth. KSW’s structural differentiator is its strict separation of portfolio management from asset custody. By routing client mandates through third-party banks, the firm locks in a compliance architecture that prevents proprietary product conflicts. This model of independent advice, combined with explicit services for intergenerational wealth transfer and foundation support, serves as a governance hedge for families that prioritize institutional neutrality over integrated banking relationships.
General information
Firm type
Generalist
Year founded
1997
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Nuremberg
Corporate office
Nuremberg, Germany
Principals
Marco Birkmann
Portfoliomanager
Tobias Wagner
Portfoliomanager
Susanne Betke
Portfoliomanager
Stefan Held
Portfoliomanager
Thorsten Göhl
Portfoliomanager
Sector focus
Frequently asked questions
How does KSW ensure independence from banking conflicts?
KSW is not affiliated with any bank. It executes a strict operational separation: portfolio management decisions are made in-house, while client assets are held at third-party custodian banks — V-Bank, UBS, and LGT Bank AG. This architecture prevents proprietary product pushing and aligns the firm's incentives purely with client performance.
What asset classes does KSW manage for clients?
KSW's internal research and client communications reference allocations across public equities, infrastructure funds, and real estate. Portfolio manager commentary highlights exposure to enterprise software, real estate markets affected by interest-rate changes, and infrastructure vehicles that provide stability in multi-asset portfolios.
Does KSW serve non-individual clients?
Yes. Beyond wealthy private clients and entrepreneurs, KSW explicitly structures services for charitable institutions and other non-profit organizations. This includes support from the initial idea of forming a foundation through to ongoing investment management, sustainability screening, and risk controls.
Who makes investment decisions at KSW?
Investment commentary on the firm's site is publicly attributed to portfolio managers Marco Birkmann, Tobias Wagner, Susanne Betke, Stefan Held, and Thorsten Göhl. The firm does not disclose a single CIO title, suggesting a collaborative or distributed decision-making structure among senior portfolio managers.
How does KSW handle intergenerational wealth and succession?
The firm has a dedicated service track for family wealth and business succession. It advises on financial planning for retirement, estate planning across generations, and structuring family assets. This sits alongside pure portfolio management, making long-term governance and continuity a core part of its value proposition for entrepreneurial families.
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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