Frankfurt-based Veritas Investment and Hamburg-based Pall Mall Investment Management (PMIM) have joined forces to start a new holding company that will see many of their activities pooled.
The new holding company, Veritas Portfolio GmbH & Co will have combined assets of 2 billion.
The new company will undertake various tasks on their subsidiaries, especially in marketing & public relations, purchasing and personnel.
The directors of both companies have been appointed managing directors in addition to the holding level. Dirk Söhnholz will be the CEO and head of marketing & PR and Kerstin Behnke will be responsible for sales to come from Veritas.
PMIM sends Dirk Rogowski for finance and administration and Hauke Hess, who was also at Veritas, will now be responsible for portfolio management.
As part of the newly created business unit of some employees of Veritas Investment will transfer to the holding company. Dirk Söhnholz will continue to be responsible for the portfolio management of Veritas Investment, while Kerstin Behnke will additionally assume the operations department.
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By GlobalData"This is not a merger. The assets will still be kept separate and the funds will continue to be managed as they have been until now," a spokesperson at Veritas said.
"The main point of the partnership is for the sharing of services like PR, marketing, recruitment and so forth. Any changes in staff through the partnership will not occur on the portfolio management side," he added.
"The skepticism about predictions but also the desire for independent opinion systematic approaches to take. We do not expect that all our approach to follow, but a diversification across different investment philosophies should increase interest in our services," Söhnholz said.