Ernst Russ has taken a major step in consolidating its services through the launch of a new maritime management company.

All fund and asset management services provided by the German group will now be handled by Ernst Russ Maritime Management (ERMM).

Russ was previously using a number of companies to serve its clients.

ERMM will start its operations with 34 employees and a portfolio of 140 ships with a total investment volume of EUR 4bn ($4.35bn).