René Kaselitz has been appointed the new head of private banking at Commerzbank. He replaces Sebastian Klein, who has been appointed chairma...

René Kaselitz has been appointed the new head of private banking at Commerzbank. He replaces Sebastian Klein, who has been appointed chairman of the management board of Commerzbank’s subsidiary, Cominvest Asset Management. Mr Kaselitz was previously head of private & business customer activities at Commerzbank's Frankfurt main branch. Commerzbank's asset management business, which has around €95 billion ($113.8 billion) of assets under management, will be headed by a management board of five. Apart from Dr Klein, these will be: Detlev Dietz, who is taking over the job of chief operating officer in addition to his role as general manager of the Commerz Grundbesitz group, Frank Pörschke, responsible for the management of real-estate funds, and Friedrich Schmitz, who will take charge of the bank's international asset management business. These four will report directly to Achim Kassow, who will be chairman of the board.