GERMANY - Former BNP Paribas Asset Management MD, Axel Grosskreutz, has joined Credit Suisse's Asset Management (CSAM) division to act as its MD and head of the arm in Germany.
Effective as of 2 January 2007, Grosskreuzt will be responsible for the continued expansion of the firm's asset management business in Germany and Austria.
Prior to this Frankfurt-based appointment, Grosskreuzt was MD and head of institutional asset management at BNP Paribas Asset Management.
Upon selection, the new CSAM MD outlined his goals.
"Germany and Austria are very important markets for Credit Suisse. I am looking forward to my new task of promoting the sustained further development of our asset management activities in these countries," he said.
Mark Burgess, head of asset management for the EMEA region, commented: “Credit Suisse is already well positioned and an integrated global organisation. I am confident that Axel Grosskreutz, as an experienced expert with wide-ranging and in-depth knowledge, will be an excellent addition to our team."
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.