Decision-makers from private banking and wealth management were surveyed for the study. The results confirm the strategic orientation of EB-SIM: in a volatile market environment, investors are primarily looking for value preservation (78%) and diversification (62%). Purely maximizing returns is only in third place with 57%. Nevertheless, decision-makers are formulating specific return expectations: For real estate investments, the target corridor is predominantly 4 to 5 percent, for infrastructure investments 5 to 7 percent.

“Real asset investments have become an integral part of a holistic asset allocation,” says Sebastian Kösters, Managing Director and Chief Investment Officer (CIO) of EB-SIM. “Especially as a diversifying component, they contribute significantly to the stabilization of portfolios. The study confirms that even in a challenging market environment, banks and clients are focusing on real values – with a clear focus on quality, structure and long-term stability.”

Another key finding of the survey: the reputation of the investment and manager is a top priority for banks. Respondents cite reputational risk as the greatest challenge in the sale of real asset investments – particularly as a result of inexperienced or poorly established managers. Cost structures and regulatory complexity also play an important role.

“Trust is the decisive factor in private banking,” emphasizes Kösters. “Investors expect comprehensible strategies, transparent structures and experienced managers, especially when it comes to long-term and complex real asset investments.”

Renewable energies in the focus of infrastructure

The survey sends a particularly clear signal in the area of infrastructure investments. Almost 70 percent of the banks surveyed already offer their customers access to infrastructure investments. One sector clearly dominates: energy infrastructure in Germany is the undisputed leader of the preferred types of use with almost 90 percent approval.

“The results clearly show that the financing of the energy transition has arrived in private banking,” comments Dr. Bernhard Graeber, Head of Real Assets and Managing Director at EB-SIM. “Customers are looking for inflation-protected, real assets. Energy infrastructure offers exactly that: stable cash flows and at the same time a direct contribution to the transformation of our economy.”

Product inclusion remains a strategic decision

At 83% of institutions, the Executive Board decides on the inclusion of new tangible asset products in bank sales. The private banking area is almost always involved, while traditional securities areas play a lesser role in some cases. “Real asset investments are strategic products,” says Kösters. “The results show that their inclusion is rightly decided at board level.”

About the study

The “Future of real assets in private banking 2026” survey was conducted in November and December 2025. It was co-initiated and co-conducted by EB-SIM. Around 1,000 respondents from private banking and wealth management at German banks were surveyed. The response rate was 43 questionnaires.