Sal Oppenheim, private banking business that was recently bought by Deutsche Bank, has sold Germany-based Collineo Asset Management to CAM Capital, WealthBriefing can confirm.

In 2008 Sal Oppenheim acquired Collineo from Hypo Real Estate Group in a bid to expand its offerings in alternative asset management, a source familiar with the situation told this publication. After having been acquired by Deutsche, Sal Oppenheim changed its business model and became solely focused on the wealth management services.

As a result, Collineo no longer fitted into the bank’s new business model and the firm decided to sell the asset manager. However, if Sal Oppenheim’s clients require alternative investment products Collineo would be first on the list of possible providers, the source said.

Sal Oppenheim declined to comment on the matter, while Collineo had not responded to enquiries from WealthBriefing at the time of publication.