He told a press conference he will take over responsibility for funds after departure of board member Georg Reul in late March. "You are going to see a lot of innovative product over the next six to eight months. We may be the largest fund manager but it's a well known fact we have not been leading in customer satisfaction. The key now is to demonstrate an alignment of interests between IVG and our clients," Niesslein said.
The fund division is slated for further growth in the manner of a Premium Green institutional fund just launched with a target investment volume of $400 million. The group also aims to launch three new private funds this year to raise more than $269.3 million in equity.
"After having managed the impact of the financial and economic crisis, the focus in 2010 will be on increasing the quality of IVG's services and investment products," he added. One top priority now will be finding tenants for the 1.5-million-square-foot Airrail Center next to Frankfurt Airport, where around 430,556 square feet of office space remains to be let after accounting group KPMG moves in this summer. IVG has set up a separate team to manage Airrail. Hilton Hotels should make a soft opening there at end-September.
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