Rothmann & Cie, a Hamburg-based fund manager, is to invest in its partly owned private banking subsidiary, Hessian Newman, when it lists on ...

Rothmann & Cie, a Hamburg-based fund manager, is to invest in its partly owned private banking subsidiary, Hessian Newman, when it lists on the Frankfurt stock market later this month. The firm, which is owned by Albis Leasing, plans to use the money to expand its existing operations and to build up its franchise in private banking through Hessian Newman. Rothmann along with Bankhaus Wolbern, also based in Hamburg, acquired Hessian Newman, one of Germany’s oldest private banks, in August 2004. Bankhaus Wolbern is owned by the South African bank, ABSA, which has recently been taken over by Barclays. Bankhaus Wolbern and Rothmann said at the time of acquiring Hesse Newman that they plan to use the bank as a joint platform to develop new savings and funds products as well as offer independent fee based financial advice for the high end market.