FRANCE – Daniel Roy, chairman of CDC IXS Asset Management, is to leave the company and be replaced by the head of the group’s North American operation Peter Voss.

A spokeswoman said Roy, who is in his fifties, was moving to “other projects”. It is the first time the group has had a non-French national in the top job. Voss is a former executive vice president at Bank of America.

Roy’s departure comes after reports of frustrations over disappointing results in Europe.

Voss and Roy have worked together since 2000, when CDC IXIS acquired Nvest Companies for 2.2 billion dollars. Voss had joined in 1992 the Boston-based firm, which was renamed CDC IXIS Asset Management North America.

In his new role, CDC Ixis said Voss would continue to supervise the North American activities.

The move did not surprise an investment expert at consultant Hewitt Associates in Paris, who said Voss’s appointment reflected CDC’s growing interest in international markets. Choosing managers with a strong international background may become a trend in the country, the expert said.

CDC also named two new members of the executive board, Jean-Paul Marchetti and Jacques Ollivier.

Marchetti was formerly head of finance at CNP Assurances while Ollivier joins from Caisse des Depots where he was director of finance for savings funds. Ollivier would take up his post at a later date to be agreed with Caisse des Depots.

“I am confident in the ability of CDC IXIS Asset Management’s new management team to continue to implement the firm’s global strategy with a view of furthering its position as France’s leading asset manager,” said Anthony Orsatelli, chairman of the executive board of CDC IXIS and member of the executive board of Caisse Nationale des Caisses d’Espargne.

“As a federal organisation, CDC IXIS Asset Management’s strength lies in its line up of affiliated investment firms, each with diverse investments styles and client bases,” he continued.

The unit manages around 330 billion euros in assets and is Europe’s 11th largest investment firm.