GERMANY - Allianz Global Investors' German arm says it has promoted Michael Peters to its board where he will act as investment director. The promotion is with immediate effect.

AGI said Peters' chief responsibility was to further develop its retail and institutional funds.

Prior to his promotion, the 38-year-old Peters was a director at the asset manager in charge of product development and management. He succeeds Horst Eich, who became co-head of AGI in Germany last month.
The other head of the AGI unit is Thomas Wiesemann. The board member in charge of the asset manager's institutional business is Carsten Eckert.

AGI's German unit employs 1,400 and has €175.2bn under management from the domestic market, €82.1bn of which is in Spezialfonds (German institutional funds).

Meanwhile, the German arm of Pioneer Investments said it had recruited Reiner Beutler from Siemens Financial Services as a new institutional sales director.

Pioneer said Beutler, 45, would focus on acquiring mandates for Spezialfonds and for institutional shares. He reports to Hartwig Rosipal, head of German institutional sales at Pioneer.

As of December 31, 2006, Pioneer had €42.4bn invested in its Spezialfonds and roughly 40% of that money came from pension funds.

Finally, Frankfurt asset management boutique, Lupus alpha said it had recruited Stephan Bannier as a new institutional sales director with a focus on corporates and insurers.

Bannier, 30, joined Lupus alpha on March 1 from UBS Asset Management in Frankfurt, where he held a similar role.

Lupus alpha is a specialist in small and mid-cap equities as well as absolute return strategies. At last count, it had €5.5bn under management, split between its two specialities.