German intermediaries prioritise quality and partnership

Three local managers rank within the top 10 of the Brand Equity Index, research by Aureum Y shows

Purchase decisions in the German financial intermediary market are anchored primarily in perceived quality and outcomes, and are increasingly influenced by partnership dynamics, according to research by Aureum Y, Fundamental Group’s research division.

Between September and November 2025, we surveyed 177 financial intermediaries in Germany for the Global Brand Survey 2026.

Three local managers rank within the top 10 of the Brand Equity Index, demonstrating the continued strength of domestic firms alongside international players.

Correlation analysis shows that all core brand factors (brand recall, familiarity, perceived quality, propensity to buy and distinctiveness) are positively correlated with one another, confirming the integrated nature of brand strength.

However, perceived quality stands out as the most strongly correlated factor with propensity to buy, followed by recall. Distinctiveness and recall play a supporting role. Being memorable for specific asset classes or management styles, and clearly differentiated, enhances buying consideration, but only once quality has been established.

One local manager dominates recall

Intermediaries recalled 239 unique brands and generated 2,749 mentions across asset classes and management styles. The top manager was mentioned by 74.4% of respondents, far ahead of the second and third (recalled by 44.2% of intermediaries) and fourth (43.6%) manager.

At the same time, the market shows significant fragmentation, as the top ten were recalled by at least one out of five respondents, and 124 brands were mentioned by only one respondent.

Intermediaries are most likely to buy funds from managers they view as a partner

Most brands are perceived as more “corporate” and as “suppliers” than “personable” and as “partners”. Yet qualitative sentiment is more favourable for brands considered personable and like a partner.

Crucially, correlation analysis shows that being perceived as a “partner” is the most positively correlated attribute with propensity to buy, while being seen as a “supplier” correlates negatively.

Compared with 2023, the importance of partnership has increased, while attributes such as “qualitative”, “broad” or “analytical” have declined slightly in relative influence. Although correlations remain weak overall (0.2<r<0.4) – indicating that no single brand value drives purchase decisions – the growing importance of partnership suggests a shift toward more relationship-driven evaluation criteria.

More asset managers are perceived as “careful thinking/planning” and “qualitative” rather than “energetic/fast-paced” and “quantitative”, and sentiment is more positive for brands associated with careful planning and qualitative approaches. Similarly, brands seen as “analytical” attract significantly more positive commentary than those perceived as “intuitive”.

Widespread ETF adoption and strong brand establishment

ETF usage is firmly embedded within the German intermediary market, with 83% of intermediaries using ETFs. Index ETFs remain the most preferred vehicle, followed by thematic and gold ETFs. REIT ETFs are least likely to be considered.

Among intermediaries using ETFs, 64% use active ETFs. These are primarily deployed for tactical or satellite allocations, but are also valued for cost efficiency and increasingly used as core portfolio components.

All ETF brand factors are highly correlated with one another and with propensity to buy, confirming the strong establishment of leading providers. In contrast to the broader asset management landscape, brand distinctiveness shows the strongest positive correlation with ETF purchase intent, followed by familiarity.

Brands with high propensity to buy also tend to exhibit high recall, indicating that being top of mind remains a critical advantage. The two most recalled ETF providers are also those with which intermediaries are most familiar, underscoring their entrenched positions in the German market.

About Aureum Y

Aureum is Fundamental Group’s dedicated Research and Insights division, built on more than two decades of specialist experience in global investor research across individual, intermediary and institutional investor audiences. With extensive quantitative and qualitative capabilities, the team has delivered 250+ survey projects across 15+ audiences, managing a panel of 100k B2B professionals and tracking 3,600 media titles and 1,800 brands. Operating across 12 markets from four international offices, Aureum provides rigorous, culturally attuned insights that help asset management companies understand their audiences, refine their strategies and stay ahead in an increasingly competitive landscape. To access our flagship Global Brand Survey (GBS) insights contact [email protected] and follow us on LinkedIn to keep updated on the latest news.