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Private bank expands activities with asset managers: Michael Gillessen to head up Berenberg’s Asset Manager Office

Hamburg. Private bank Berenberg is expanding its activities involving independent asset managers. As of 1 July, the new head of Berenberg's Asset Manager Offices is Michael Gillessen, who is joining Berenberg from Hauck & Aufhäuser.

Private asset managers have become increasingly popular over recent years. Nonetheless, relatively few private clients are served by independent asset managers in Germany today compared with say Switzerland or the United States. For a number of years now, Berenberg has been working as a custodial bank for this customer group. "We view serving independent asset managers as a growth activity for our bank," explains Tindaro Siragusano, the man responsible for the Private Banking and Asset Management divisions at Berenberg. "In Michael Gillessen, we've been able to sign up a recognized and well-known expert in this business to lead and expand our Asset Manager Office."

Gillessen is taking over the helm at Berenberg's Asset Manager Office as of 1 July 2013. He will be looking to offer this customer group strategic support and aiming to substantially expand the services offered to date. Berenberg notably assists independent asset managers as a custodial bank in the fields of market trading and reporting, and accompanies asset managers as they set up proprietary investment funds. Going forward, it also aims to offer an advisory partnership covering everything from the formation of a separate asset management firm though to the planning and realisation of rational company succession.

"Comprehensive know-how coupled with close, long-term customer relationships and entrepreneurial thinking – you might say that Berenberg and independent asset managers are pulling in the same direction," is how Gillessen accounts for the move to Berenberg. The 50-year-old boasts wide-ranging professional experience: after working for the Stadtsparkasse savings bank in Mönchengladbach, Commerzbank and BfG Bank, he came across the independent asset manager segment. He has been advising and supporting such financial experts since 2001, first at UBS and then at Hauck & Aufhäuser Privatbankiers.

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Karsten Wehmeier
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