Commerzbank is winding down its $1.2 billion COMAS alternatives investment strategies unit which was headed up by Mehraj Mattoo. Mattoo and his team will leave the company.
The decision was taken in the wake of Commerzbank's merger with Dresdner Bank, which saw the Commerzbank asset management arm, Cominvest, being sold to Allianz. Commerzbank has chosen to focus on core investment banking competencies and decided to close the fund.
COMAS was initially used to run assets that flooded into Commerzbank thanks to the success of certificate-based alternatives products with German retail investors. After Mattoo came on board in mid-2006, the focus