Catella sees asset management as growth area

Timo Nurminen, formerly head of Catella Property in Finland, has been appointed CEO of Amplion Asset Management, Catella's independent property asset management services firm.

Catella said that the time is right to expand Amplion's business as real estate is returning to basics 'where excess returns are generated through asset managers taking a much more hands on approach, the days for cap rate compression is over'.

Nurminen said that asset management services will be one of the main growth sectors in the next few years.

'Amplion has a broad experience in several markets to manage distressed assets and portfolios by cooperating with banks and equity investors. In my opinion the next few years will be the years for asset management,' he added.

Amplion started its asset management business in Finland in 1997. Amplion Finland expanded the business to the Baltic markets in 2005 and to Russia in 2007. Amplion is active in France and plans to establish an office in Sweden this year.