Aberdeen shuffles pack at German business

Two longtime servants of DEGI are departing as part of the restructuring of the German property funds manager, which Aberdeen bought in 2008

Aberdeen Property Investors, the Scandinavia-based fund manager, has reshuffled its German business following the takeover of Deutsche Gesellshaft fur Immobilienfonds (DEGI), in 2008.

The firm said today that Hartmut Leser, currently board member responsible for distribution, had been made country head of Aberdeen Deutschland.

He takes over from Patrick Walker, head of European Business Development at Aberdeen Asset Management, who has been overseeing the initial integration of the asset management and property businesses in Germany. Walker will be based full time in London.

In his new role Leser will closely work with Michael Determann, who remains on the board of Aberdeen Deutschland.

The firm also confirmed Bärbel Schomberg and Malcolm Morgan are leaving the German business after more than six years on the board at DEGI – which has been renamed Aberdeen Immobilien Kapitalanlagegesellschaft.

The company said both had decided to step back from their present positions for personal reasons. However, Schomberg  has agreed to “make herself available” on a consultancy basis to Aberdeen Property Investors.

Rickard Backlund, chairman of the supervisory board of Aberdeen KAG and chief executive of Aberdeen, said: “While it is always difficult to replace people of such experience and knowledge, one of Aberdeen's attributes is the strength of the overall team and we are fortunate to have the calibre of people to assume their responsibilities and take the company forward.”

Aberdeen Property Investors bought German fund manager Degi for €110m from Dresdner Bank, boosting assets under management by 50 percent in the process.

At the time, its German target managed €6.4 billion of assets through a range of property vehicles and was added to Aberdeen’s real estate arm, which managed €13 billion through a series of funds.

Aberdeen Property Investors is based in Stockholm, Sweden, though its parent group is listed on the London stock exchange.