The German all-in-one financial regulator has announced that it has never granted the wealth advisory firm of Adler Group authorisation to conduct banking business or provide financial services under section 32 of the Kreditwesengesetz, the German Banking Act.

The company states that it operates branches in Amsterdam, Miami, London and Berlin but the BaFin says that it does supervise it.

The German-language website adler-group.nl bears the image of an eagle, which symbolises the German state, together with a circle of gold stars that symbolises the European Union; this gives the impression that the company has been authorised by financial supervisors in the Federal Republic of Germany and in the European Union. However, according to the German regulator, this is not the case.

The firm's website invites customers to "build up your wealth in a relaxed manner" and describes itself as an owner-managed, bank-independent capital investment company that is responsible for the administration of the Adler funds. It says that it distributes assets - which its its portfolio management team manages actively - across three funds called the Adler-DEFENSIV, the Adler-AKTIV and the Adler-DYNAMISCH. It prides itself on its stable network of well-known experts in the fund sector and claims that ABN AMRO is its custodial bank, with 'Ernst & Young SA' as its audit firm. It also says that members of "das portfolio management team" have longstanding track records in bond management.