Commerzbank said it wants to merge its Cominvest asset management group with its Adig investment fund unit. Achim Kassow, head of the ba...

Commerzbank said it wants to merge its Cominvest asset management group with its Adig investment fund unit. Achim Kassow, head of the bank’s asset management and private banking business, told reporters in Germany about the plan and that Commerzbank plans to invest around €100 million ($127.8 million) in the merged entity in the next few years. He added that Cominvest wants to nearly double the size of its managed assets in the next five years to €100 billion from the current level of €55 billion. Late last year, Mr Kassow also said Commerzbank is keen to expand its wealth management business, which Cominvest is likely to be part of this strategy.