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.
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