Union Investment’s head of portfolio management, Björn Jesch, is to leave the firm at the end of the year, with the head of multi-asset, Frank Engels, stepping into the role from 1 January.
The Frankfurt-based group said Jesch is ending his five-year stint with the company at his own request.
It marks the latest change in senior management at Union Investment this year, after Christian Kopf was hired as head of fixed income over the summer.
That move saw Engels become head of portfolio management for multi-asset, but he will now oversee a wider remit when he succeeds Jesch at the start of the new year.
Commenting on the change, Jens Wilhelm, a member of Union Investment’s board of managing directors, said: ‘We are pleased to have found such an experienced and respected expert from inside the company to fill this role. With his proven expertise and long track record, Frank Engels will be able to take our company’s successful investment strategy forward.'
Engels will lead a 285-strong fund management team and will be responsible for strategy for investments totalling around €267 billion. He first joined the firm in 2012 as a managing director and has held several senior roles.