GERMANY – Ampega AG, the asset management arm of German insurer Talanx, has confirmed that Harald Schnorrenberg, head of Ampega’s institutional business, is resigning as of June 30.

Ampega said it did not know where Schnorrenberg was going. But industry sources in Frankfurt told IPE he was going to a “small quantitative-oriented asset manager”. Schnorrenberg himself could not be reached for comment.

Schnorrenberg has headed Ampega’s office in Düsseldorf dedicated to winning third-party institutional business since 2003. Ampega runs around €2bn in third-party assets, some of which come from pension funds.

The office originally had four members, but was reduced to three when Andreas Schneck joined the asset manager of German private bank Sal. Oppenheim last autumn. Schnorrenberg’s departure leaves just two people.

Ampega said the event would have no impact on its efforts to win institutional business in Germany. “Quite the contrary, we expect that our efforts will get a huge boost from the planned acquisition of Gerling by Talanx parent HDI,” said Harry Ploemacher, Ampega’s chief executive who is based in Hannover.

Like other German life insurers, Cologne-based Gerling is a major player in the country’s pensions industry. Once HDI/Talanx acquires Gerling, it will become Germany’s third-largest insurance group with €20bn in annual insurance contributions.

Asked whether the Düsseldorf office would now be closed, Ploemacher said no decisions had been made yet. “The future structure of Ampega will be decided once the acquisition of Gerling is complete,” he told IPE, adding that Ampega’s co-operation with Putnam Investments would continue.

Launched in 2001, the co-operation has entailed Ampega acting as the German distributor of Putnam funds. However, Ampega’s efforts in Germany were undermined by Putnam’s involvement in the US mutual fund market timing scandal.

Separately, Henderson Global Investors said it had hired Melanie Knorr as associate director of institutional business in Frankfurt. Knorr joins Henderson from Zurich Financial Services.

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