By Elena Vardon
Commerzbank is expanding its services for the ultra-high-net-worth clients and family offices as it sees growing demand in this market.
The German lender said Tuesday that it created a new division, which will consolidate its existing expertise and specialized departments in the space as demand for advice within complex wealth structure has been growing amid the economic transformation.
The newly created unit will be led by Sebastian Ahlhorn, who joined Commerzbank at the beginning of the year as managing director.
Christian Hassel, divisional board member for wealth management and private banking, will have the overall responsibility for the new division, it said. "There is a significant need for advisory services regarding topics such as wealth transfer to the next generation, the right strategic asset allocation, exclusive access to private markets, or complex and large-volume financing structures," he said.
The unit will have new locations in Hamburg and Stuttgart, in addition to its existing teams in Berlin, Dusseldorf, Frankfurt and Munich.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 08, 2024 06:27 ET (10:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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