Hypo Real Estate Group has sold its asset management subsidiary Collineo Asset Management to family-owned bank group Sal. Oppenheim. The transaction is still subject to several closing conditions including regulatory approvals. Hypo expects the deal to be completed by the end of the year or early first quarter 2009. The parties have agreed not to disclose details of the purchase price.
Hypo Real Estate Group has sold its asset management subsidiary Collineo Asset Management to family-owned bank group Sal. Oppenheim. The transaction is still subject to several closing conditions including regulatory approvals. Hypo expects the deal to be completed by the end of the year or early first quarter 2009. The parties have agreed not to disclose details of the purchase price.
Collineo is a financial services provider for structured financial products. Based in Dortmund, it employs 22 persons and offers advisory services for various financial products to German and international investors, and focuses on management of portfolios in the fields of Mortgage Backed Securities, Asset Backed Securities and Collateralized Debt Obligations in Europe and the USA.
Tom Glynn, member of the board of Hypo RE and responsible for Capital Markets and Asset Management: 'The sale of Collineo Asset Management will enable us to further round off the profile of the Hypo Real Estate Group. We focus on core business activities in commercial real estate lending as well as public sector and infrastructure finance.'
