Ernst Russ to Focus on Ship Investment, Management

Germany’s asset management company Ernst Russ (ER) has decided to separate the company from the investor management sector and focus on ship investment and management.

The company said it would sell the central trust services company, PECURA Anleger und Treuhandservice GmbH, with its registered office in Bremen, and other group companies.

Ernst Russ informed that the details related to the planned transaction to a private investor group, which includes the former member of the Executive Board of Ernst Russ AG, Ingo Kuhlmann, are currently being negotiated. The company added that the transaction should be implemented shortly.

“The streamlining of the group structure is a decisive factor in order to be effective and flexible in the areas of asset investment and asset management,” Robert Gärtner, member of the Executive Board of Ernst Russ AG, said.

“By focusing on the ship and property segments, we see ourselves well prepared for the market challenges ahead.”

In its latest financial report, Ernst Russ revealed its plans to further expand its fleet in the future and test individual investments in all shipping segments in a “targeted manner”.

“We are aiming to expand the fleet in the future by acquiring additional ships,” the company said.

The company’s revenue increased 20% year-on-year to EUR 52.7 million (USD 59 million) in the 2018 financial year, while income from the shipping segment rose by EUR 4.3 million, accounting for around 49% of revenue in 2018.

Ernst Russ currently manages a fleet of around 90 container, tanker and bulk vessels as well as other ships, which are under direct management or managed as fund vessels by shipping partners.

World Maritime News Staff