German asset manager DWS is creating a new digital strategy, products and solutions division that will be responsible for activities around digital assets and currencies, digital channels and application programming interfaces (APIs). 

André M. Bajorat has been appointed to head up the newly created department, that will be integrated into the product division at DWS.

Bajorat joins from Deutsche Bank, where he was most recently head of strategy. In his new role, he will report to Manfred Bauer, who is responsible for the product division as a member of the executive board of DWS.

Barbara Nitschke, who was previously responsible for the digital asset management division at DWS, under its CEO Stefan Hoops, will take over responsibility for digital products and solutions in the newly created unit.

Alexander Bechtel will move to DWS from Deutsche Bank on 1 October to take over responsibility for the digital strategies team. Bechtel served at Deutsche Bank as head of strategy for digital assets and currencies.

CDPQ (Caisse de dépôt et placement du Québec) writes off $150m invested in Celsius Network

The chief executive of CDPQ, Charles Edmond, allowed $150m it had invested in Celsius Network to be written off after the credit lending platform filed for bankruptcy in July.

Edmond 0admitted that the move into crypto currency took place “too soon”, with the crypto industry still “in transition”, according to reports. 

He added that the pension fund conducted “extensive” due diligence with the help of experts and consultants when it made the decision to acquire a 4% stake in Celsius Network.

Last year CDPQ led an investment round in Celsius worth $400m with growth equity firm WeltCap. CDPQ generated an average return of -7.9% in the first six months of this year, it announced yesterday. Net assets totaled $391.6bn in H1, down $28.2bn due to negative investment results of -$33.6bn and $5.4bn in net deposits.

CDPQ returned -13.1% return in fixed-income, -10.6% in equities and -2.4% in private equity in H1, while real assets generated 7.9% returns, real estate 10.2% and infrastructure 5.8%.

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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