Bärbel Schomberg and Malcolm Morgan have stepped down from the board of managing directors at German fund manager Degi. According to a press release, the pair have decided to step back from their present positions 'for personal reasons'. The news of their resignation comes hard on the heels of massive write-downs in Degi's Global Business Fund.
Bärbel Schomberg and Malcolm Morgan have stepped down from the board of managing directors at German fund manager Degi. According to a press release, the pair have decided to step back from their present positions 'for personal reasons'. The news of their resignation comes hard on the heels of massive write-downs in Degi's Global Business Fund.
The pair have been in the board for the past six years with Schomburg in the position of CEO and Morgan operating as managing director of the German fund manager which was recently renamed Aberdeen Immobilien Kapitalanlagegesellschaft (Aberdeen KAG). Schomberg has agreed to make herself
available on a consultancy basis for Aberdeen Property Investors.
PatrickWalker has also stepped down from the Degi board after overseeing the initial integration of the asset management and property businesses in Germany following Aberdeen's acquisition of Degi two years ago. He will now be based fulltime in London as Head of European Business Development at Aberdeen Asset Management. Walker will be succeeded as Country Head for Germany and Speaker of Aberdeen by Hartmut Leser, formerly Member of the Board responsible for Distribution.
'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,' said Rickard Backlund, Chairman of the
Supervisory Board of Aberdeen KAG and Chief Executive of Aberdeen
Nico Tates, Head of Continental Europe Property Fund Management, will support the new Management Board of the KAG in a very active role as a new
member of Aberdeen KAG’s Supervisory Board. According to the press release, Tates' appointment will strengthen cooperation between the property investment management team based in Frankfurt and their colleagues around Europe. He will accelerate the implementation of Aberdeen’s group-wide investment management process into the German unit.
