Country focus: Funds have played their cards well

The contrast between Germany’s sombre bankers and the ebullience of its property fund managers could scarcely be greater.

Merely 18 months ago, the country’s open-ended property funds, aimed at retail investors, were looking at their second year of massive outflows. Now, after 2007 inflows of €6.68bn ($10.45bn), and continued inflows in 2008, they are on a roll.