After the sub-prime and financial crisis, the financial services sector needs to re-orientate itself and develop strategies to win back trust. Many companies in the sector are therefore making use of the proximity of economic research in Bavaria to redesign the sector in an innovative way, such as in classic banking and insurance transactions, asset management, venture capital, leasing and factoring. In Bavaria, the large number of research institutions meets many successful companies in the financial sector. There is plenty for them to do together. It gets done in Bavaria.
Around 179,000 people work in the financial economy in Bavaria. Around 100 companies in the insurance sector are based in Bavaria, making the state one of the world's leading insurance locations. These companies include Allianz AG and Munich Re, the world's largest reinsurer. Bavaria's banking and insurance sector has seen growth of 59 per cent since the start of the 1990s. The sector in Bavaria appears stable and robust, with the forward-looking stock exchange, innovative asset management and Bavaria as Germany's most important state of venture capital.
All aspects of the economy are at home at Bavaria's universities. They offer chairs in business and political economics with renowned academics, law faculties focusing on business law, business information systems and industrial engineering. All chairs provide practice-orientated teaching and research of immediate use to companies in the sector. In the end, this benefits companies in every sector, because Bavaria can offer them a healthy infrastructure for robust financing.
Excellent research institutions and networks such as Bayerisches Finanz Zentrum e.V. are dedicated to promoting the next generation of specialist and management staff, among other projects. Recruiting in the sector is supported by the careers centre on the fiveGO web portal, run by Bayerisches Finanz Zentrum e.V. Here, companies can look for and find their ideal graduates in subjects related to the financial or insurance sector. The portal also serves as a project marketplace, bringing science and companies together. This allows expertise from research to be made available to companies quickly.
Bayerisches Finanz Zentrum e.V. is the cluster platform for the financial and insurance economy in Bavaria. Its work focuses on its function as the interface between research and practice in the sector's companies. To do this, the platform initiates projects and studies with practical partners from business and funds the next generation of specialist and management staff in the sector. The career centre also supports companies in recruiting and by organising events for valuable exchange of experience.
The cluster platform Bayerisches Finanz Zentrum e.V. is active throughout Bavaria and is supported by regional networks, some of which it initiated itself. These include the Nuremberg office of Bayerisches Finanz Zentrum, which networks actors in the insurance and financial sector in northern Bavaria and, in future, will also organise a regular round of meetings for regional actors in the sector. Another regional network is the Munich Financial Center Initiative (FPMI), whose roles include bringing together activities happening on the ground, representing the interests of the financial centre and securing a supply of capital for companies in the region.