GERMANY - Commerzbank has reorganised its fund management unit, setting up a new asset management committee to oversee its worldwide investment businesses.
As part of the restructuring, Commerzbank, the parent company of UK based fund manager Jupiter Asset Management, has announced that Friedrich Schmitz will remain as head of global asset management, which will be steered by the new global committee. Jupiter's chief executive, Edward Bonham Carter, will take charge of the newly formed European investment committee.
Additionally, the bank has decided to split its sales operations across Europe into retail and institutional divisions. Hans-Jürgen Löckener, managing director of investment house Allgemeine Deutsche Investment-Gesellschaft (ADIG), has been put in charge of the firm's European retail business. Claus Weltermann, managing director of Commerzinvest, now has responsibility for the firm's institutional business in Europe.
Commerzbank also added that Volker Doberanzke will takeover as the firm’s global chief operating officer. Doberanzke will be responsible for steering all the support functions worldwide, in addition to being involved in the strategic development of the asset management division.
By Geoffrey Ho
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers