Ratings to Date

Please find below a survey of ratings that have been published up to now, categorised by

Investment Process Rating
Manager Rating
Real Estate Manager Rating
Master-KAG Rating
Service Rating
Pension Solutions Rating
Private Wealth Management Rating
Depository Bank Rating
Insourcing Rating

The respective main focus of the rating categories is described briefly within the individual sections. A description of the methodology can be found here.

Investment Process Rating

Focus on investment processes and directly related topics (research, investment team, etc.).

Rated Party	Asset Classes	Rating	Year	Download
FIDUKA-Depotverwaltung GmbH	Equities (FID-Ratio-Approach)	AA	09/2009	Report (de, en)
SEB AM (DK) – SEB AssetManagement (Denmark)	European Equities (Small Caps)	2-	2005	Report (en); Summary (de, en); Press (de)
PAIM – Pioneer Alternative Investment Management	Funds of Hedge Funds	2	2005	Report (en); Summary (de, en); Press (de)
MGAI – Mellon Global Alternative Investments	Funds of Hedge Funds	2	2005	Report (en); Summary (de, en); Press (de)

Manager Rating

Consideration of all relevant areas and aspects of an investment company (management, clients, production, infrastructure).

Rated Party	Asset Classes	Rating	Year	Download
DB Advisors	—	1-	2009	Report (de)
SGAM AI – Société Générale Asset Management Alternative Investments	Funds of Hedge Funds	2	2005	Report (en); Summary (de, en); Press (de, en)
ERSTE-SPARINVEST KAG	European Equities, European Fixed Income, Funds of Funds	2-	2005	Report (de); Summary (de, en); Press (de)
CSAM – Credit Suisse Asset Management Deutschland	Euroland Fixed Income	2	2004	Report (de, en); Summary (de, en); Press (de)
Deka Investment	European Equities (Large Caps), Euroland Fixed Income, Quantitative Products	2	2004	Report (de); Summary (de, en); Press (de)
SGAM AI – Société Générale Asset Management Alternative Investments	Funds of Hedge Funds	2-	2004	Report (de, en); Summary (de, en); Press (de)
Raiffeisen KAG	Central/Eastern European Equities, Global Fixed Income, Balanced/Funds of Funds	2	2003	Summary (de); Press (de)
CSAM – Credit Suisse Asset Management Deutschland	European Fixed Income	2	2003	Report (de, en); Summary (de, en); Press (de)
NIM – Nordea Investment Management Bank A/S	Global Equities, European Fixed Income	2-	2003	Report (de); Summary (de, en); Press (de)
dbi / Allianz Dresdner Asset Management	Global Fixed Income, Quantitative Products	2	2003	Report (de); Summary (de, en); Press (de)
UBS Global Asset Management Deutschland	Global Equities	2 ^*	2002	Report (de); Summary (de, en); Press (de)
DWS Investment GmbH	Global/European Equities, Euroland Fixed Income, Balanced, Money Market	2 ^*	2002	Summary (de, en); Press (de; en;)
DLI – Delta Lloyd Investment Managers GmbH	European Equities, Euroland Fixed Income, Euroland Money Market, European Balanced	3 ^*	2002	Summary (de, en); Press (de)
ERSTE-SPARINVEST KAG	Austrian/Eastern European Equities	2- ^*	2002	Summary (de, en); Press (de)
Raiffeisen KAG	Equities, Global Fixed Income, Balanced, Funds of Funds	2- ^*	2002	Summary (de, en); Press (de)
NIM – Nordea Investment Management	Global Equities, Global Fixed Income	2- ^*	2002	Report (en); Summary (de, en); Press (de)
dbi – dresdnerbank investment management	European Equities, Global Fixed Income, Balanced, Quantitative Products	2- ^*	2001	Summary (de); Press (de; en)

^* Result transformed into the new Rating Scale.

Real Estate Manager Rating

Consideration of all relevant areas and aspects of an investment company in the real estate fund sector (management, clients, production, infrastructure).
These ratings are being performed in co-operation with DID Deutsche Immobilien Datenbank GmbH and supplemented by product-specific Portfolio Ratings.

Rated Party	Asset Classes/ Products	Rating	Year	Download
DEGI – Deutsche Gesellschaft für Immobilienfonds	Offene Immobilienfonds	2	2008	Report (de)
	Degi EUROPA	2	2008	Report (de)
	DEGI INTERNATIONAL	2+	2008	Report (de)
	DEGI GLOBAL BUSINESS	2	2008	Report (de)
	DEGI GERMAN BUSINESS	2-	2008	Report (de)
DEGI – Deutsche Gesellschaft für Immobilienfonds	Offene Immobilienfonds	2	2007	Report (de); Summary (de); Press (de)
	GRUNDWERT-FONDS	2-	2007	Report (de)
	DEGI INTERNATIONAL	2	2007	Report (de)
	DEGI GLOBAL BUSINESS	2+	2007	Report (de)
DEGI – Deutsche Gesellschaft für Immobilienfonds	Open-end Real Estate Funds	2	2006	Report (de); Summary (de, en) Press (de)
	GRUNDWERT-FONDS	3+	2006	Report (de)
	DEGI INTERNATIONAL	2	2006	Report (de)
iii – Internationales Immobilien-Institut	Open-end Real Estate Funds	2	2005	Report (de); Summary (de, en) Press (de)
	EURO ImmoProfil	3	2005	Report (de)
	INTER ImmoProfil	2	2005	Report (de)
DEGI – Deutsche Gesellschaft für Immobilienfonds	Open-end Real Estate Funds	2-	2005	Report (de); Summary (de, en)
	GRUNDWERT-FONDS	3+	2005	Report (de)
	DEGI INTERNATIONAL	2	2005	Report (de)

Master-KAG Rating

Consideration of all relevant areas and aspects of a company that offers administration and/or outsourcing services to institutional investors.

Rated Party	Asset Classes	Rating	Year	Download
DB Advisors	—	1-	2009	Report (de)
Société Générale Securities Services Kapitalanlagegesellschaft mbH	—	1-	2009	Report (de)
Helaba Invest Kapitalanlagegesellschaft mbH	—	1+	2009	Report (de)
Allianz Global Investors Kapitalanlagegesellschaft mbH	—	1-	2008	Report (de)
Universal-Investment-Gesellschaft mbH	—	1	2008	Report (de); Summary (de)
Helaba Invest Kapitalanlagegesellschaft mbH	—	1-	2007	Report (de); Summary (de); Press (de)
Universal-Investment-Gesellschaft mbH	—	2+	2006	Report (de); Summary (de); Press (de)
Ampega Investment	—	2	2004	Report (de); Summary (de); Press (de)
dbi / Allianz Dresdner Asset Management	—	2	2004	Report (de); Summary (de)

Service Rating

Consideration of all relevant areas and aspects of a company that offers – within the framework of a fund platform – administration and/or outsourcing services to investment companies, sales pools, and other sales organisations.

Rated Party	Asset Classes	Rating	Year	Download
Fondsdepot Bank	—	2	2005	Report (de); Summary (de, en)

Pension Solutions Rating

Consideration of all relevant areas and aspects of a pension solution unit including products, consulting, platforms and innovation.

Rated Party	Rating	Year	Download
FIL Pensions Services GmbH	AAA	2009	Report (de); Summary (de)
Deutsche Asset Management Investmentgesellschaft mbH Pension Solutions	AAA-	2007	Report (de); Summary (de); Press (de)
Fidelity Investment Management GmbH Pension Solutions	AAA-	2007	Report (de); Summary (de); Press (de)

Private Wealth Management Rating

Consideration of all relevant areas and aspects of a private wealth management unit including products, consulting, platforms and innovation.

Rated Party	Rating	Year	Download
Vontobel Asset Management AG; Fonds-Vermögensverwaltung	AA+	2007	Report (de); Summary (de); Press (de)

Depository Bank Rating

Consideration of all relevant areas and aspects of a company that offers despositary bank services.

Rated Party	Rating	Year	Download
State Street Bank GmbH	1-	2008	Report (de); Presse (de)
Landesbank Hessen-Thüringen Girozentrale	2	2008	Report (de); Press (de)
BNP Paribas Securities Services S.A. - Zweigniederlassung Frankfurt am Main	1-	2008	Report (de); Press (de)

Insourcing Rating

Consideration of all relevant areas and aspects of a company that offers insourcing services.

Rated Party	Rating	Year	Download
SGSS Deutschland KAG	1	2009	Report (de)

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