Frank Engels was named head of portfolio management at Union Investment, a spokeswoman said.
Mr. Engels will take over from Björn Jesch on Jan. 1. Mr. Jesch will leave Union Investment at the end of the year at his own request, she added.
"With his proven expertise and long track record, (Mr. Engels) will be able to take our company's successful investment strategy forward," Jens Wilhelm, member of the Union Investment board of managing directors with responsibility for portfolio management and real estate, said in a news release.
Mr. Engels previously led the fixed-income fund management business and was head of the multiasset business at Union Investment. As head of portfolio management he will continue to head the multiasset business.
Christian Kopf replaced Mr. Engels as head of fixed income in September, a spokesman said. Mr. Kopf was a partner at Spinnaker Capital.
Union Investment has €267 billion ($318 billion) in assets under management.