GERMANY - ABN AMRO Mellon Global Securities Services has launched depotbank capabilities from its newly established branch in Frankfurt, in a bid to capitalise on changing market infrastructure and pension fund reforms in Germany.
The company will offer global custody and full depotbank services for Spezialfonds and direct investors. The new depotbank functionality will also focus on the servicing of KAGs (Kapitalanlagegesellschaften).
ABN AMRO Mellon will convert an initial book of business totalling 31 funds, with assets under custody of e2 billion.
Michelle Grundmann has been appointed to manage ABN AMRO Mellon’s Frankfurt Branch. Grundmann joins ABN AMRO Mellon from Merrill Lynch Investment Managers, where she was chief operating officer.
Nadine Chakar (pictured), CEO of ABN AMRO Mellon said, “Our move into the German market is a tangible demonstration of our commitment to the business.
“ABN AMRO Mellon is well-positioned as a true European alternative for institutional investors domiciled in Germany and for multinational investors investing in the German market. Our proven technology system, local talent and global network of support gives us a strong platform to tap into the potential in this market.”
Grundmann, Manager, ABN AMRO Mellon Frankfurt said: “I am delighted to have joined ABN AMRO Mellon at such an exciting phase in its development. ABN AMRO Mellon is opening a branch at an ideal time in which to seize new opportunities in the German market. We are primed for solid and sustained growth, now that barriers to foreign asset managers have been eliminated and German investment law has been liberalised.”
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