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Marcard, Stein & Co.
Thomas R. Fischer leads Marcard, Stein & Co, the only German private bank run entirely as a multi-family office.
Marcard, Stein & Co.
Founded in 1790 and headquartered in Hamburg, Marcard, Stein & Co is the oldest German private bank focused entirely on family-office services. Thomas R. Fischer joined the firm as Chief Operating Officer and became Speaker of the Board in 1998, the year before the bank shed all lines of business outside of family-office work. He is now supported by Board Member Christian A. Schulze and Director of Family Office Iris Roller. The firm is a subsidiary of M.M. Warburg & CO, placing it inside a broader private-banking group with its own philanthropic arm, the Warburg Foundation. Marcard, Stein & Co deploys capital across real estate, private equity, private credit, infrastructure, hedge funds, natural resources and fund-of-funds vehicles, with a geographic reach that includes Europe, the United States and Asia. Its real-asset book contains a direct German residential portfolio, a US residential value-add portfolio, renewable-energy projects, forestry investments and maritime assets. The firm structures commitments through direct co-investments, special-purpose vehicles, fund commitments and club-style deals. Confirmed sector tilts include energy transition, mobility, industrial technology and supply-chain logistics, while ESG factors inform manager selection. The firm traces its origins to 1790, giving it a 235-year operating history. Ownership sits within the Warburg banking group. Marcard, Stein & Co belongs to the Association of German Banks and the Deposit Protection Fund, and Chamber HNW ranks it as a top wealth manager in Germany. Iris Roller directs the dedicated Family Office unit, which fields generalist advisors with a combined 250 years of consulting experience. In its own words, the bank relies on “a diverse range of academic backgrounds” to cover legal, tax and investment topics under one roof. The structural differentiator is the combination of a single-family-office service model with a full German banking license. Unlike a standalone multi-family office, Marcard, Stein & Co operates inside the German banking system’s supervisory architecture — including its risk-management and process-quality standards — giving clients access to both open-architecture family-office advice and the regulated balance sheet, custody and credit capabilities of a bank.
General information
Firm type
Multi Family Office
Year founded
1790
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Hamburg
Corporate office
Hamburg, Germany
Principals
Thomas R. Fischer
Speaker of the Board of Directors
Christian A. Schulze
Member of the Board of Directors
Altss tracks 1 additional named team member for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
How does Marcard, Stein & Co. differ from a typical multi-family office?
It holds a full German banking license, making it the only private bank in Germany that concentrates solely on family-office services. That license subjects the firm to the same regulatory supervision, capital requirements and process-quality standards as a conventional bank, while still offering the tailor-made counsel of a single-family office. Clients therefore receive open-architecture advice alongside access to the bank’s own balance-sheet products.
Who runs investment decisions at Marcard, Stein & Co.?
Speaker of the Board Thomas R. Fischer has led the firm for more than 25 years. He is supported by Board Member Christian A. Schulze, who oversees IT and change management, and by Director of Family Office Iris Roller. The firm’s family officers act as generalist relationship managers, drawing on internal specialists for each asset class to build client-specific portfolios.
What asset classes does Marcard, Stein & Co. invest in?
The firm operates across real estate, private equity, private credit, hedge funds, infrastructure, natural resources and commodities, as well as fund-of-funds structures. Its direct holdings include a German residential portfolio, a US residential value-add portfolio, forestry investments, renewable-energy projects and maritime assets. Investment types span direct co-investments, special-purpose vehicles and fund commitments.
How is Marcard, Stein & Co. related to M.M. Warburg?
Marcard, Stein & Co. is a subsidiary of M.M. Warburg & CO, the Hamburg-based private banking group. This relationship embeds the family office within a larger private-banking network while preserving its distinct brand and exclusive focus on family-office work. M.M. Warburg also maintains the Warburg Foundation, a separate philanthropic vehicle.
Does Marcard, Stein & Co. participate in philanthropic or mission-related investing?
Yes. The firm lists philanthropic and mission-related investing among its investment types and points to relationships with Direct Relief and the Warburg Foundation. Further details on specific philanthropic mandates or impact-investing criteria are not publicly disclosed.
What is Marcard, Stein & Co.’s geographic footprint?
The firm’s investment activity covers Europe, the United States and Asia. Its direct real-estate book includes residential portfolios in Germany and the US, while renewable-energy, forestry and maritime holdings are described as global. The advisory team is located in Hamburg.
Does Marcard, Stein & Co. take external capital or co-invest alongside other family offices?
As a multi-family office, the firm manages assets exclusively for client families and does not raise third-party funds. It can structure co-investments, special-purpose vehicles and club-style deals, but these arrangements are limited to families on the platform. There is no public record of the firm opening its deal flow to outside institutional allocators.
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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