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German group’s CIO joins BlackRock

German group’s CIO joins BlackRock

Berenberg’s chief investment officer Peter Reichel has joined BlackRock’s multi-asset team as a strategist, the asset manager has announced.

Reichel held several senior roles during his 13 years with Hamburg-based Berenberg, which include operating as a portfolio manager, head of private asset management and, prior to his departure in September, was head of investment within the CIO office.

In his new capacity, Reichel will be based in Frankfurt and report to Stephen Crocombe. He operate as a director and strategist within BlackRock’s multi-asset platform.

BlackRock added that Reichel will act as a spokesperson for the product and investment ambitions for the multi-asset team within the German market, according to an internal memo.

During his tenure with Berenberg, Reichel had previously overseen an Eastern European equity fund, as well as a Europe-focused small- and mid-cap equity fund.

Reichel’s move away from Berenberg marks a change in a recent trend which has seen the German group recruit heavily for its asset management arm, with several high profile names being brought on board to oversee new fund launches.

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