AUSTRIA - Siemens Austria has sold its asset management arm Innovest to the Macquarie Group.

No details on the transaction were disclosed, but a spokesman for Siemens confirmed to IPE that the sale was part of a long-term strategy targeting the core business areas of industry, energy and healthcare.

Innovest, with €3.5bn in assets under management, focuses mainly on risk budgeting and asset allocation strategies for long-term investors, including the €700m Siemens Pensionskasse in Austria and parts of the assets of the electricity company Linz AG pension fund.

Siemens confirmed Innovest would continue to manage the Siemens Pensionskasse, with Macquarie adding: "The Siemens Pensionskasse will, of course, remain one of the most important clients of the company."

The investment processes and strategies adopted by Innovest will also remain unchanged.

Johann Maurer and Konrad Kontriner will keep their positions on the management board and continue to run Innovest from Vienna with their current team.

Alexander Köb, head of Austria for Macquarie Investment Management, and his colleague Michael Walsh will join the team in Vienna.

Macquarie said it wanted to support Innovest in expanding its business in Germany, Austria and other European markets as part of Macquarie's global network.

The transaction is expected to be implemented fully by December.