HOUSTON — WestAM Asset Management is looking to unify its operation stateside while things seem to be coming unglued at its German parent.
The Frankfurt-based parent, WestLB AG, is under pressure on several fronts. A landesbank, it is facing pressure as the government looks to consolidate those state-run entities. And the bank has been struggling financially, losing more than €1 billion ($1.05 billion) last year. In June, facing shareholder pressure, CEO Jurgen Sengera resigned.
In the United States, WestAM has been faced with its own challenges in recent years, as it has tried to piece together asset management firms after an acquisitive period between 1999-2001.
Earlier this year, the firm refocused itself under the leadership of Mark Vorbach. Mr. Vorbach took on the new position of regional CEO of U.S. operations. Previously, the firm had had product CEOs or local CEOs at each of the affiliates, said Patrick Lyn, WestAM spokesman. The new focus brings all of the U.S. affiliates under the WestAM umbrella, with one brand name and one chief executive. Mr. Vorbach, in turn, reports to global CEO Luke Nunnely. (European operations are overseen by regional CEO Kevin Birch, who also reports to Mr. Nunnely.)