GERMANY - Capital International is to expand in Germany with the creation of a first office.
It has recruited Olaf John, formerly head of Fidelity’s institutional business in Germany to head up the effort.
Capital has been marketing to German clients for a number of years out of its Zurich office where it already employs two staff. Capital will be looking to rent the new German office – it does not own any of its workplace properties.
Capital claims to already have 5% of the UK market and said it was unlikely to get more.
A spokesman said that it was now hard for a fund manager to get more than a twentieth market share in any country as investment consultants are reluctant to create a new oligarchy of four or five fund managers running pensions money, as happened before in the UK.
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Aon, Mercer and Willis Towers Watson have renewed criticism of the Competition and Markets Authority (CMA) over its analysis of the benefits of tendering for fiduciary management contracts.