Commerzbank - Germany's third largest bank - is to overhaul its asset management business by year end.
A distinction will now be made between the European institutional and retail businesses. According to the firm, the move facilitates country-specific marketing and promotes the cross-border product selling.
Institutional focus will be on Germany, the UK, France and Spain. Retail areas will concentrate on German, British, French and Italian markets.
Products will be sold via Commerzbank's own distribution channel, and selling through external channels will also be stepped up.
Activities in Asia are being consolidated to form a yet unnamed Asian holding company. The US business will also be reorganised through a strategic alliance with a major asset manager, although no further details were given.
CAM will overhaul its current management structure. The division, led by Friedrich Schmitz, is to be managed by an asset management committee, consisting of two yet to be appointed heads of institutional and retail business, a head of marketing and sales co-ordination and also a chief operating officer.
In addition, a new investment committee is being established to manage investment processes on a Europe-wide basis.
A spokeswoman for the firm added that there were no planned job losses as a result of the move.
By Madhu Kalia
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