GERMANY - Dexia Asset Management has opened an office in Germany, describing it as "one of the most attractive markets in Europe".
Henri-Michel Tranchimand, executive committee member of Dexia AM, said the firm planned to target the product segment of pension funds, funds managed according to quantitative models and in the SRI sector.
He said Germany had an ageing population in line with the rest of Europe and also identified an increased privatisation of old-age provision.
The need for private cover in Germany was previously answered by small provident or pension funds, said Tranchimand, where the management gave their reserves to professional asset managers.
At the same time demand from private investors was growing for high-yield investment alternatives, and Tranchimand said the firm would target both groups in Germany.
"So institutional customers will be looked after by the German institutional sales ande investment teams, while funds for private investors would be available through free fund marketing and institutional distributors like banks."
Speaking about the move into Germany, Tranchimand said: "With investment volumes of around €1.3trn, Germany is not only one of the most attractive but also one of the most courted markets on the continent."
The new office will be located in Frankfurt, with three members of staff and further staff appointments planned for early next year.
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