“Our Luxembourg subsidiary is of key importance for the further growth of Commerz Real. With his many years of experience in banking and investment, Dirk Holz will provide an important impetus,” said Commerz Real CEO Henning Koch in the press release announcing the appointment of a new director in Luxembourg.

Among his tasks, the successor to Müller will expand and develop the fund platform--both for institutional and private investors. In addition, the European long-term investment fund Klimavest, which is managed by the company and for which Holz is also responsible for portfolio management and financial accounting, is to become a flagship product in the renewable energy segment. Finally, Commerz Real is to become a public limited company under Luxembourg law on 1 May.

Holz has some 20 years' experience in the sector: he was head of private equity at the RBC Investor & Treasury Services Bank of the Royal Bank of Canada and has also worked for Société Générale Securities Services and PGIM Prudential Investment Management, the asset management arm of the US life insurance company Prudential Financial. He had a first stint with the group from 2003 to 2006.

This story was first published in French on . It has been translated and edited for Delano.