Hesse Newman: End to fund business, Marc Driessen quits
Hesse Newman Capital intends to shelve its fund business completely. An extraordinary general meeting of the corporation is to decide on discontinuing the conception and the marketing of property funds. A statement issued today said that the current market environment, in the opinion of the management, no longer permitted the operation of this line of business that used to be essential for Hesse Newman. The activities of Hamburg Asset Management HAM Kapitalverwaltungsgesellschaft mbH, a 50% subsidiary to continue as an external asset manager, will not be affected by this change. Hesse Newman also announced that chairman Marc Driessen, who since 2008 has been responsible for the conception and sales divisions, will step down at the end of the year. The closed-ended funds issued by Hesse Newman will be managed by Nordcapital beginning January 1, 2015.
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