GERMANY - The German arm of Credit Suisse Asset Management has promoted Stefan Keitel as its new chief investment officer.

It said Keitel had replaced Guy Stern, who joined CSAM in London as its new CIO and head of institutional multi-asset class solutions for the UK and the US.

“Under Guy Stern, the portfolio management team in Frankfurt has built up a good reputation in the past few years. I’m looking forward to expanding on the success of the team,” said Keitel, who turned 37 today.

Keitel arrived at CSAM Germany in January 2001 where he served as director of portfolio management for three years after then. Between January 2004 and his promotion, he was CIO for the area wealth and investment strategy.

Other executives at CSAM Germany include Philipp Vorndran, chief executive and head of institutional business and Claudia Blumenthal, head of retail and institutional fund distribution.

At the end of 2005, CSAM Germany had €4.9bn in institutional assets under management – below a previously stated goal of €5.5bn. Almost one-fifth of the volume came from pension funds.

CSAM Germany also has another €6bn invested in mutual funds. It has previously said that by the end of 2006, it aims to lift total AUM to €13bn.

But Vorndran had no further comment on future volume goals for Germany.

“Naturally, we’re delighted that we’re on track to meeting our goals. We don’t plan on naming any new quantitative ones but instead will now concentrate on quality goals,” he said.

Separately, German fund industry association BVI said two asset managers had joined it, including Germany’s Dr. Jens Ehrhardt Kapital and SEB Asset Management, a unit of Swedish bank SEB.

As a result, BVI said it now had 83 full members, whose AUM totalled almost €1.4trn.