Veritas fund selection chief to exit firm

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Markus Kaiser, head of portfolio management and ETF specialist at Veritas Investment is set to leave the Frankfurt-based firm.

Kaiser has worked at Veritas Investment for eleven years and is a specialist in ETF fund of funds. The departure is due to 'a difference of opinion in the direction of the firm's strategy going forward'.

Kaiser was unavailable to comment but the firm's CEO, Dirk Söhnholz, confirmed his departure to Citywire Global on Thursday.

'The funds are systematically-based funds and the departure won't change anything on our existing strategy,' said Söhnholz.

Veritas Investment manages both actively and passively managed funds. Christian Schuster, Christian Riemann and Marcus Russ will continue to manage the ETF funds of funds that had previously been overseen by Kaiser.

Hanke Hess, previously head of portfolio management at Pall Mall Investment Management GmbH, a sister branch of Veritas Investment, will take over Kaiser's role as head of portfolio management.

'We're still in discussion with Mr Kaiser with regards to how we might work together in the future but we do expect Mr Kaiser to leave us,' added Söhnholz.