GERMANY – Daniel Just, long-standing head of asset management at the €55.4bn Bayerische Versorgungskammer (BVK) has been promoted to chief executive, the German fund has said.

André Heimrich, formerly Just's deputy, has been named as his replacement and will sit on the scheme's board, as well as head up a reorganised asset management division.

Heimrich said he was thankful for the trust placed in him and that he was certain the BVK was well prepared for difficult times in the markets thanks to its well-diversified portfolio.

Constantin Echter will continue to oversee the fund's €46.3bn fixed income portfolio, covering infrastructure debt investment, sovereign debt and spread investments, among other assets.

Anselm Wagner, head of alternative investments to date, now also has overall responsibility for BVK's equity portfolio.

However, former head of equity Reinhold Weger will continue to head up equity investments, albeit with his department now merged to be part of the dozen-strong equity and alternatives division.

Alois Pröbstl and Norman Fackelmann will continue to oversee property management and property investment management divisions, with the two areas now clearly separated.

Pröbstl is responsible for €3.5bn in direct real estate holdings, including residential units, while Fackelmann is charged with acquisition of direct property and the management of non-domestic fund investments.