Lutz Grüten, the head of equity research at HVB Group, the German bank formerly known as HypoVereinsbank, has stepped down following a restructuring that will split the unit into three.

The team will re-focus coverage away from European stocks and small cap German stocks, and strengthen its coverage of German blue chip stocks listed on the DAX and MDAX. It will also cover stocks it has sponsored on the Neuer Markt, and its successor next year, the TecDAX.