With effect from 1 August 2005, the IVG Supervisory Board has appointed Dr Georg Reul (38) as a deputy member of the Management Board. Georg Reul will have particular responsibility for the funds business that he has helped develop and already led as its General Manager.
IVG offers funds for private investors with the "EuroSelect" product line and investment products for institutional investors via its majority holding in OIK, the market leader for special funds, and in the form of structured theme funds and management services in Germany and Europe. The contracts of the Management Board members Dr Bernd Kottmann and Dr Dirk Matthey were extended as planned.
IVG will also increase its current 83% share in Tercon Immobilien Projektentwicklungs-GmbH to 100% with effect from 1 August 2005. This will be realised by the sale of the shares held by the former managing partners Dr Dierk Ernst and Horst Lieder to IVG. The headquarters of the company is to move from Munich to Bonn.
Horst Lieder and Frank Strothe will remain as Managing Directors
Dr Dierk Ernst is leaving his management and partner functions at Tercon as of 31 July 2005 at his own request to concentrate exclusively on the strongly growing company Hannover Leasing, of which he is the managing partner.
IVG and Dierk Ernst founded Tercon jointly in 1995 and developed it to become a leading German project development company. "We have played a central role in key project developments in the Federal Republic" summarises Dierk Ernst, who will retain amicable links to IVG - particularly in the major Airrail project, the bridge-like construction of the station for long-distance trains at Frankfurt airport - in which he played a fundamental role.
With the complete integration of Tercon, the German development projects will now also be managed centrally alongside portfolio management, the funds business and international project development. Dr Eckart John von Freyend, Chairman of the Management Board, explained the new structure, saying "This will enable interesting projects to be identified at an early stage and realised efficiently in direct cooperation with our operational