Austria-based Erste Asset Management has made two additions to its management board and signalled that it will invest more in building alternative investment capabilities.
Peter Karl and Wolfgang Traindl will join the board at the beginning of March.
Karl will be responsible for product management and retail sales in Austria. He was previously director of Erste’s property subsidiary, Erste Immobilien, and remains chairman of its management board.
“We want to use Peter Karl’s expertise in non-traditional forms of investment for [Erste Asset Management] and develop new business areas,” said Heinz Bednar, chief executive.
Traindl, who will be responsible for institutional sales and internal audit, previously headed Erste’s private banking and institutional clients division. He replaces Christian Schön, who has left Erste Group for new challenges.
The two men join Bednar and Winfried Buchbauer on the firm’s board.
Erste Asset Management is the fund manager of Erste Group Bank with locations in Germany, Austria, and central Europe including the Czech Republic and Hungary.
It had €63.3 billion in assets under management, as at December 31, 2017.
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