Fernando Aguado, former head of investment and institutional asset allocation at BBVA, has been appointed CIO at Fonditel, asset manager for the pension fund of Spanish telecoms giant Telefónica.
Aguado replaces Jaime Martinez, who previously announced his intention to pursue other projects.
It is understood that the new appointment will not herald a change in management structure or investment policy for the €3.8bn investment portfolio.
Aguado had been at BBVA since 1997, and joined BBVA Pensiones in 2008, working in investments and business development.
He became head of investment (occupational and individual pensions) for Spain in 2010, before taking up his role as head of investment, institutional asset allocation, in January 2013.
In this role, he was responsible for business development, market strategy and investments for European institutional business, covering €8bn of client assets.
Martinez was CIO at Fonditel from 2009.
Previously, he was portfolio manager and head of asset allocation at Santander Asset Management and portfolio manager at Banif Gestion.
He was also head of fixed income at Invercaixa Gestion and Herrero Gestion.
In other news, Fonditel has also appointed a new fixed income portfolio manager, Paloma Lorenzo, former fixed income manager at Aviva Gestion de Inversiones, which she joined in January 2008.