FINLAND - Tom Liljeström has been named as managing director to oversee the merger of Tapiola's asset management and fund arms.

Tapiola said today the two businesses, with €5bn and €1.1bn under management respectively, would be merged under the Tapiola Asset Management name in the spring of 2007.

It said that no cuts would be made as a result of the merger.

"The board of directors for Tapiola Asset Management Ltd. and Tapiola Fund Management Company Ltd. has appointed Group Director Tom Liljeström as managing director for both companies as of January 1 2007," Tapiola said in a statement. "Liljeström is responsible for the merger of the two companies into Tapiola Asset Management Ltd."
Tapiola Fund Management MD Asko Sasi and Tapiola AM MD Jyrki Mäkelä will continue as directors in the new company, reporting to Liljeström.