NETHERLANDS - ABN Amro Mellon’s Depotbank arm in Germany has won two billion euros in business since its launch in January, the head of German operations said.

Michelle Grundmann, who heads the German business with the title of Geschaeftsleiterin, said the Frankfurt-based Depotbank had opened a service operation to provide global custody and service MasterKAG and KAG.

Deutsche Asset Management, Universal and ABN Amro Asset Management had all awarded the unit KAG (Kapitalanlagegesellschaften) and MasterKAG mandates in the last five months.

Grundmann, who was Geshaeftsfuererin at Merrill Lynch Investment Managers’ KAG, explained the new German investment laws have allowed KAGs to outsource business to non-German asset managers.

The Depotbank, she told a conference, works together with KAG and MasterKAGs to “facilitate” custody and management of special funds.

The new law brings advantages to clients, she explained, as it makes it possible for asset managers to be dismissed without the fund to be closed, as was previously required by law.

The Depotbank, she added, was targeting multinationals with “sophisticated requirements”.