Capital Group hired Benno Klingenberg-Timm as head of institutional for its Asia and Europe client group, effective immediately, the $2.3 trillion investment manager said in a statement on Oct. 24.
He will work with local institutional client teams, deepen relationships with institutional clients in Asia and Europe, and expand the firm's institutional business while based in Singapore.
He reports to Guy Henriques, president of the Asia and Europe client group, and will become a member of the management committee that oversees that department.
Klingenberg-Timm fills a role left vacant by veteran Capital Group institutional head, Stephen Gosztony, who passed away last year, a spokesperson said.
Klingenberg-Timm joins from UBS Asset Management, where he spent 20 years, most recently as head of institutional for Asia Pacific. His duties are currently covered by Willem van Breugel, head of global sovereign markets, on an interim basis.
Capital Group has been growing its Asia Pacific presence. On Oct. 16, the firm announced that it is expanding its fixed income team with the appointment of Manusha Samaraweera as fixed income investment director for APAC ex-Japan based in Singapore, and Haran Karunakaran as fixed income investment director for APAC with a focus on Australia while based in Sydney.
Samaraweera joined from Pacific Investment Management Co, where he was a fixed income and ESG strategist, responsible for presenting investment solutions to Asian clients.
Karunakaran has been with Capital Group for two years as a director in the investment product services team in Singapore. He will relocate to Sydney for the new role.