Bank Sarasin plans to expand its German onshore private client business after been granted a local banking license. The bank has also made t...

Bank Sarasin plans to expand its German onshore private client business after been granted a local banking license. The bank has also made top management changes in an effort to streamline its decision-making process and to bring it more into line with the workings of a “modern” financial services firm. Based in Munich and launched at the beginning of June, Sarasin Wertpapierhandelsbank provides private banking, and institutional and private client asset management. “We believe the market for our products and services will be substantial in Germany,” a spokesman for Sarasin told WealthBriefing. Sarasin said in a statement the new subsidiary was a reincarnation of the now defunct fund distribution company Sarasin Deutschland. The bank said it has a target to grow its assets under management to €1.5 billion ($.178 billion) during the next five years. “Our new office in Munich gives us the chance to provide even more intensive support to our many clients in Germany,” said Kai Henke, chairman of Sarasin Wertpapierhandelsbank. He added: “New clients benefit from the typical personalised advisory services of Bank Sarasin in asset management and from our sustainable and other innovative investment products.” Sarasin believes its lead in sustainable funds (OekoSar Portfolio and Sarasin Sustainable Bond) will be popular with German investors. The bank has also launched a new real estate equity fund, which invests in real estate companies and gives investors access to global property markets. The Basel-based bank is keen to develop its onshore presence in Europe and has also recently bought a majority shareholding in Italian asset management firm Colombo. Colombo has around SFr686 million of assets under management. Bank Sarasin said it plans to takeover the firm completely by 2006; currently it holds a 50.1 per cent stake in the asset manager. The Swiss bank is targeting the northern Italian market through its base in Lugano. Separately, Sarasin has also changed its senior management structure, whereby there are only four major sections that report into the chief executive, Peter Merian. Previously there were at least seven areas reporting directly to Mr Merian. The spokesman for Sarasin said the move was part of bringing the bank more into line with a contemporary financial services firm. “We are in the process of making the structure fit a normal financial institution and away from a traditional private banking structure.” He added that more of these changes will be revealed when the bank releases its interim report, due on August 23rd.