Nikolaus Sillem was named CEO of Quoniam Asset Management effective July 1, a spokeswoman said.
Mr. Sillem will replace Helmut Paulus, founder and CEO who is leaving Quoniam for personal reasons on June 30, the spokeswoman added.
Mr. Sillem was head of institutional business of Union Investment Group, parent company of Quoniam. Andre Haagmann, a member of the board of managing directors, will take over responsibility for the institutional business from Mr. Sillem.
"(Mr. Sillem's) departure from the board of managing directors of (subsidiary) Union Investment Institutional means that we are losing not only someone of great experience but also a virtual guarantee of success. At the same time, however, we are securing the services of a strong manager and an expert in the industry for the executive team at Quoniam," said Alexander Schindler, chairman of the supervisory boards of Union Investment Institutional and Quoniam, in a news release.
Quoniam has €30 billion ($34 billion) in assets under management.