GERMANY – Cominvest, Commerzbank's Germany-based asset management arm, says it wants to outsource the portfolio management of three of its ADIG retail mutual funds.

Paul Burik, managing director of business development and strategy, told IPE the three Asian funds have combined assets of around 160 million euros.

Cominvest would like to finalise a three-to-five strong shortlist for each mandate before the holiday season, with a beauty parade taking place in early 2005.

The benchmark would be peer group performance within the German universe.

The move follows the downsizing of Cominvest portfolio management activities in Japan and Tokyo in the last three years. “We can’t deliver the kind of quality the market expects,” Burik said, adding he was also referring to the firm’s internal market.