IVG Immobilien is to retain ownership of its institutional funds business, it emerged at the company’s first annual general meeting since the closure of insolvency proceedings.
IVG Immobilien is to retain ownership of its institutional funds business, it emerged at the company’s first annual general meeting since the closure of insolvency proceedings.
IVG’s CEO Ralf Jung told the meeting, which was held on 17 December, that the examination of strategic options for IVG had come to a ‘clear conclusion’ on retaining IVG Institutional Funds, and that the division had been making a stable contribution to IVG Immobilien’s consolidated earnings for a number of years.
He added that, following the integration of asset and investment management functions and parts of the group’s former corporate functions, IVG Institutional Funds had already been successful in generating new investor groups and attractive business opportunities in its new form since 1 July 2014. ‘This was a step in the right direction,’ Jung said. ‘And the opportunities for generating additional value potential are far from exhausted.’
The decision follows market rumours in recent months that IVG would part company with the institutional funds business.
The meeting also approved all the actions of former members of the board of management and supervisory board for the 2012 and 2013 financial years. In addition, the members of the current supervisory board, who were court-appointed in early September 2014 after the former members stepped down, were confirmed in their positions.
Due to insolvency plan proceedings that were opened on 1 November 2013, it was not possible to hold an annual general meeting for the 2012 financial year until now.