GERMANY - Deutsche Asset Management's Germany head has left the manager after more than 23 years to join Frankfurt rival, DekaBank's asset management arm.
Oliver Behrens was head of DeAM’s German institutional business, and also global head of structured and fixed income products.
Behrens will take up his position on the board from 1 January 2006, when DekaBank’s new chief executive, Franz S. Waas takes up his post.
DekaBank also said that Peter Mathis, currently deputy chief executive is to step down at the request of the board, “to enable the bank to take a new direction.”
Behrens’ departure follows a long line of high profile management defections on the back of a reshuffle, which saw Kevin Parker, CEO, take the reins globally last year. Parker sits in New York.
DeAM’s UK business has also suffered billions of pounds in outflows over the last year, as talks of a sale of the UK operation seem to be nearing a conclusion. Aberdeen Asset Management is said to be the frontrunner to take over the business.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.