EUROPE - Swiss consultancy Complementa has sold part of its German business to a former board member.
From now on, the German subsidiary of Complementa will focus on investment controlling and performance, as well as risk reporting, the consultancy said.
The other consulting mandates were sold to Joachim Meyer, former chairman of the board at Complementa Investment Controlling and a shareholder in the company.
Meyer has founded Meyer & Cie Allokationsberatung, which will specialise in asset allocation and operate "completely separately" from Complementa.
He will leave Complementa at the end of this year, while current board member Jeanette Leuch will take over as head of the German business created in 2006.
Michael Brandenberger, chief executive at Complementa, said: "Complementa does not want to position itself in the field of prognosis-based asset management consulting as investment controller and performance measurer."
He added this step ensured the basis for a continued independent and objective investment controlling.
"The separation is based on Complementa not providing tactical input in the field of consulting, as we see this as being too close to asset management - but such services are increasingly demanded by clients," he said.
Brandenberger told IPE the separation was in no way related to the case of Swiss public pension fund BVK, to which Complementa had provided services.
"Those services did not consist of consulting services like manager searches," Brandenberger added.
Meanwhile, another arrest has been made in the case surrounding allegations of corruption at the Swiss BVK.
Thomas Leupin, founder and president of DL Investment Partners, a Swiss-based investment advisory, was arrested in connection with the BVK enquiry.
DL Investment Partners stressed that Leupin remained innocent until proven otherwise and that the enquiry was not affecting the company's day-to-day business.