GERMANY – BHW Invest, a Frankfurt-based institutional fund administrator, has declined comment on persistent market rumours that Hans-Jürgen Dannheisig, its managing director, is to leave the company.

“We cannot make any comments about rumours of any changes at BHW Invest at present,” said Clemens Schuerhoff, a spokesman for the company.

Earlier this week, well-placed industry sources, who asked not to be identified, told IPE that Dannheisig was leaving the company, though it was not clear why or where he was going.

Rumours of his departure come more than two months after BHW Invest was partially bought by Postbank, a German retail banking giant. Launched in 2002, BHW Invest is a specialist in ‘master funds’. Master funds consolidate back-office administration of institutional funds – for example, reporting – to reduce costs and boost transparency for the investor.

BHW Invest’s other shareholders include BHF-Bank, a private bank and BGAG, an investment company tied to German trade unions.

Following its partial takeover by Postbank, Dannheisig told IPE on November 1 that BHW Invest’s new shareholder structure would have no effect on its management team. In addition to Dannheisig, who is responsible for sales and marketing, the team includes Ulrich Kaffarnik, who is in charge of portfolio management and operations.

However, Winfried Hutmann, managing director at Frankfurt-Trust, BHF-Bank’s asset management arm, told IPE today that he, Kaffarnik and Dannheisig were now all directors of BHW Invest.

Hutmann also said there would be an announcement concerning BHW Invest’s structure on January 31.

“Regardless of what happens, Frankfurt Trust and BHW Invest will continue to remain independent of one another, and have different missions,” he added.

At the last count, BHW Invest administered €2.2bn in assets from institutional clients, including pension funds, and it acts as an administrator for €800m-worth of investment funds.