NACE 64.3 – Trusts, Funds and Similar Financial Entities | Public Tenders

Definition: NACE 64.3 covers the activities of investment funds, investment companies and similar financial entities that pool money from investors and invest collectively in securities, real estate or other assets. In the public sector, these are relevant as service providers for the capital investment of public pension schemes and reserves.

Legal basis: NACE Rev. 2 (Regulation (EC) No 1893/2006) · Last updated: January 2026

What does NACE 64.3 cover?

NACE 64.3 (Trusts, funds and similar financial entities) classifies collective investment vehicles and their management companies — particularly relevant as contractors for the asset management of public institutions.

Group 64.3 within Section K (Financial and insurance activities) and Division 64 comprises one class:

Public contracting authorities use investment funds primarily for the investment of pension provisions, pension reserves, equalisation reserves and other long-term capital reserves of public bodies.

Public Tenders: Sector NACE 64.3

Capital investment mandates of public bodies are increasingly tendered formally — in particular pension schemes, supplementary pension funds and municipal pension funds are subject to public procurement law.

Typical types of contract

• Special fund management: Mandated management of institutional special funds for pension schemes, pension funds and professional associations
• Bond investment mandates: Direct bond mandates or fund solutions for the secure investment of public pension reserves
• Multi-asset mandates: Mixed portfolios of equities, bonds and alternatives for medium-sized pension institutions
• ETF and index mandates: Passive investment strategy for cost-efficient large portfolios of public pension institutions
• Infrastructure funds: Participation in closed-end infrastructure funds for long-term, inflation-indexed returns for public investors
• Sustainable investments (ESG): Tenders for ESG-compliant investment mandates under the EU taxonomy and SFDR

Thresholds and procedure types

Capital investment mandates are in principle subject to the general service threshold (EUR 221,000 EU-wide), but are in practice almost always tendered EU-wide due to the volumes involved. The restricted procedure with prior selection is frequently chosen to pre-qualify providers.

Relevant CPV codes for NACE 64.3

For searching tenders in fund management and institutional asset management, the following CPV codes are decisive.

Current tenders with these CPV codes can be found on TED (Tenders Electronic Daily) as well as on national procurement platforms.

Who is NACE 64.3 relevant for in public procurement?

Public contracting authorities

Professional pension schemes, supplementary pension funds of the public service (e.g. VBL, municipal supplementary pension funds), pension funds for civil servants as well as municipal foundations and equalisation funds are the principal public buyers of investment fund services. In Germany, many of these institutions are public corporations subject to public procurement law under the GWB.

Companies and bidders

Capital management companies (KVG) and fund managers seeking public mandates typically require:

• Authorisation: KVG authorisation pursuant to KAGB (Germany) or InvFG 2011 (Austria), BaFin or FMA licence
• Technical capability: Performance track record, references for institutional mandates of comparable size
• Economic capability: Assets under management (AuM), capital resources, liability insurance
• Compliance and regulation: MiFID II compliance, AIFMD compliance, demonstrable risk management framework

NACE 64.3 in context: Section K and Division 64

NACE 64.3 is part of Division 64 (Financial service activities) within the financial and insurance Section K.

• NACE K – Financial and insurance activities: Parent section
• NACE 64 – Financial service activities: Parent division
• NACE 64.1 – Monetary intermediation: Banking services
• NACE 64.2 – Activities of holding companies: Holding companies
• NACE 66.3 – Fund management activities: Related service group

Frequently Asked Questions on NACE 64.3 and public tenders

Do pension schemes have to tender investment mandates?
Yes, where they qualify as public contracting authorities under public procurement law (public corporation or under supervision by public bodies) and the contract value exceeds the EU threshold. Many pension schemes are subject to this obligation.

What role does sustainability (ESG) play in the award of fund mandates?
ESG criteria are increasingly integrated as award criteria or minimum requirements in tenders. The EU taxonomy and SFDR oblige institutional investors to disclose sustainability risks, which has an effect on tender requirements.

How long do typical capital investment mandates run?
Framework agreements for investment mandates are usually concluded for three to five years, with extension options. Special fund constructions can have considerably longer terms.

Last updated: January 2026
All information is provided without guarantee. For legally binding advice, please consult a law firm specialising in public procurement law.