GERMANY- Commerzbank’s merged asset management division has begun operating under the name of COMINVEST Asset Management.

COMINVEST now encapsulates the old institutional arm Commerzinvest, the retail side of the business ADIG and Commerz Asset Managers, the portfolio management and research side of the business.

Friedrich Schmitz, chief executive of Commerzbank’s asset management activities will oversee COMINVEST while Wolfgang Plum, previously chief investment officer at Commerz Asset Managers, becomes CIO for the merged entity.

On the sales side, Andreas Steinmeier will look after continental Europe. Ulf Hollstein, former head of eastern Europe, Middle East and Africa at Commerzinvest, will cover the same regions. Andreas Krebs will be responsible for consultant relations.

The consolidation, which was announced earlier this year, excludes Jupiter and CCR in France. “They are independent companies. They have their own style and culture and they are better off independent,” says Commerzbank

COMINVEST Asset Management oversees a total of e60bn.