GERMANY - UK asset manager Aberdeen Asset Management has consolidated its German businesses under one umbrella company to bring together its sales and distribution teams.
The firm's fixed income business, equity business and property unit will be merged under a new holding company, Aberdeen Asset Management Deutschland AG, which will also now oversee the firm's Austrian business.
The three separate units are Aberdeen Asset Managers Deutschland, Aberdeen Property Investors Deutschland GmbH and real estate firm DEGI Deutsche Gesellschaft für Immobilienfonds mbH. DEGI will be renamed as Aberdeen Immobilien Kapitalanlagegesellschaft mbH.
Aberdeen Asset Management Deutschland chief executive Patrick Walker said: "By bringing the distribution of these products together..., Aberdeen will be able to offer its clients in Germany and Austria the three asset classes - equities, fixed income and property - with a consistent approach. We look forward to expanding our important German and Austrian business to pension funds and corporates as well as to wholesale distributors and retail clients."
The combined firm will run €8bn (US$11.8bn) of Aberdeen's €150bn in assets under management.
Spokesman James Thornley said the integration was partly spurred by Aberdeen's acquisition of DEGI in 2008. DEGI did not cross-sell across the other businesses, he said.
He said staffing levels will not be impacted by the integration, though Aberdeen has shed some personnel throughout the year as a cost cutting measure, when it sold off its property business in Belgium and its private equity business. Aberdeen Asset Management Deutschland staffs 120 employees.
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Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers