The appointment of Achim Kasscow as Commerzbank’s new head of asset management is likely to see much stronger cooperation between the privat...

The appointment of Achim Kasscow as Commerzbank’s new head of asset management is likely to see much stronger cooperation between the private banking business of the German bank and its asset management division.

Since last November, the 38-year-old Mr Kassow has been in charge of retail and private banking on Commerzbank’s management board. He now will take over responsibility for asset management from fellow board member Klaus Pathig. Mr Pathig will remain in charge of Commerzbank’s international business.

Commerzbank’s private banking business has been struggling in recent years as greater competition from German and international groups have chiseled away at its market share of the local private client business.