Unsichere Zertifikate
Die im Jahr 2007 verabschiedeten Änderungen des deutschen Steuerrechts lassen das deutsche Fondsgeschäft boomen - auf Kosten der Zertifikate. Verschiedene neue Fondsstrukturen wurden eingeführt, und weitere sind in der Pipeline. Von Wietske Blees
Lange Zeit war der deutsche Markt für strukturierte Produkte praktisch fest im Griff der Zertifikate. Angesichts der überragenden Dominanz dieses Wrappers verwendeten Händler und Investoren den Begriff "Zertifikat" tendenziell synonym mit "strukturiertes Produkt". Aber jetzt hat sich die Lage geändert. Seit die Bundesregierung 2007 den steuerbefreiten Status der Zertifikate aufhob, sinkt ihr Stern. Steuerbewusste Investoren wenden sich stattdessen zunehmend strukturierten Fonds zu - was den
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