On 18 November 2015 the Czech subsidiary Investiční Společnost České Spořitelny (ISCS) was merged into Erste Asset Management GmbH (EAM). This move will turn the wholly-owned subsidiary of EAM, which manages assets worth 7.9 billion euros, as of September 2015, into a branch office. “Starting with this step EAM continues to improve the product quality and expands the product range offered on the Czech market” said the firm on a press release.
Local expertise will still be actively used
The former Czech subsidiary is now legally a part of EAM, but will retain its registered office in Prague. ISCS will use the umbrella brand of EAM with immediate effect. “The merger will not change much for our Czech colleagues, because we will continue to rely on our local expertise and even hand over responsibilities to our colleagues regarding the whole EAM, for instance our equity management,” as Heinz Bednar, CEO of Erste Asset Management, explains. “We have worked towards this merger for more than a year, and we are now happy to have reached this step. At this point we can also show on a formal level what we are and have been: a strong team, regardless of the location.”
Investment area will be expanded
In preparation for the merger EAM already re-structured its investment area in March. Štěpán Mikolášek will be the head of the newly created equity management team of Erste Asset Management and thus be in charge of all equity activities across the entire Erste Asset Management holding. “The repositioning has created one single, cross-border team of equity specialists to which all experts will contribute their know-how regardless of where they are based,” Bednar points out.
Martin Řezáč, CEO of the Czech ISCS, sees a chance to strengthen the local service: ”The merger allows us to focus more strongly on the clients’ local interests. The common brand highlights our international company profile in the investment area.”
Por Funds Society, Madrid
Por Alicia Miguel Serrano