ECONOMY

Jamurtas joins Intertrust

Mutual fund management company Intertrust is to get a new chief executive, effective April 7, Greek insurance company Interamerican and its majority shareholder Pan-European financial services consortium Eureko announced yesterday. The appointment of Matthew Jamurtas comes nearly four months after Kyriakos Apostolidis, previously in charge of the operation, was promoted to general director of sales and marketing at Interamerican. Jamurtas has considerable experience in the industry, having spent the last 13 years with US banking giant Citigroup. He served as senior banker at the bank’s global corporate and investment division in London for 11 years. He returned to Athens in 2001 to head Citigroup’s securities services business. Jamurtas takes over the job at a time when the Greek mutual funds market is going through a prolonged slump. Last year marked the third consecutive year of decline for the Greek mutual funds market, with the value of total assets falling 5.26 percent to 25.4 billion euros. Most funds reported negative returns. Equity funds were the biggest losers, with the sluggish stock market slashing 27 percent off average returns. Intertrust manages more than 2.3 billion euros and has 28 mutual fund products. F&C Management Ltd, the Pan-European asset management company and the asset management arm of Eureko, is expected to take over management control of Intertrust. Eureko lifted its stake in Interamerican to 98 percent two years ago. The Greek insurer had a 23 percent share of the local life insurance market and a 6 percent share of the non-life market in 2001. Jamurtas said he aimed «to further build and expand the Greek business» of Intertrust.