GERMANY - Credit Suisse has named BNP Paribas' Axel Grosskreutz as the new head of Asset Management in Germany as of January 2.

"He will be responsible for the continued expansion of Credit Suisse's asset management business in Germany and Austria," the bank said. He takes over from Philipp Vorndran, who is taking another role within the bank, a spokeswoman said.

Vorndran, who took over from Hansjörg Herzog in February last year, will be a managing director and investment strategist for multi-asset classes.

Grosskreutz's appointment follows the naming of Dresdner Kleinwort's Joachim Mies as chief operating officer for Asset Management in Europe earlier this month.

"Credit Suisse is already well positioned and an integrated global organisation," said Mark Burgess, head of Asset Management for the Europe, the Middle East and Africa. "I am confident that Axel Grosskreutz, as an experienced expert with wide-ranging and in-depth knowledge, will be an excellent addition to our team."

Grosskreutz, 52, was formerly head of institutional asset management at BNP Paribas Asset Management in Frankfurt.

He said: "Germany and Austria are very important markets for Credit Suisse. I am looking forward to my new task of promoting the sustained further development of our asset management activities in these countries."

In June CSAM Germany promoted Stefan Keitel to chief investment officer to take over from Guy Stern, who joined CSAM in London.

At the end of 2005, CSAM Germany had €4.9bn in institutional assets under management.