GERMANY - Fidelity's German arm has recruited Christof Quiring from rival Invesco for the new position of head of pensions sales, effective from October 1.

The announcement comes just five days after IPE reported that Quiring, 38, was leaving Invesco on September 30.
He will report Klaus Mössle, head of Fidelity's German institutional business. Mössle joined Fidelity from Deutsche Asset Management in the summer of 2004 to build up the business.

"We want to further expand our business in Germany's corporate pensions industry and in Christof Quiring we are delighted to have found an expert for this challenge," Mössle said.

Quiring's biggest achievement at Invesco was building its business with so-called overtime accounts. Fidelity also has plans to unveil an overtime account product.

In appointing Quiring, Fidelity hopes to invigorate its German institutional business, which - contrary to Mössle's initial projections of between 20%-30% annual growth - was nearly stagnant last year. 

As 2005 ended, Fidelity's institutional fund volume totalled €1.5bn, up just €120m from the total at the end of 2004.

Separately, DeAM said it had appointed Charles Leitner as its new global head of alternative investments, adding that Brian Urban was its new institutional sales head for the Netherlands.

Based in New York, Leitner is currently head of DeAM's RREEF real estate and infrastructure businesses.

Leitner takes up his new role on September 1, when he will also head DeAM's various hedge fund businesses. He will continue to report to Kevin Parker, board member at DeAM parent Deutsche Bank with responsibility for asset management.

Meanwhile, Urban has joined DeAM as its new Dutch institutional sales head. He formerly worked at NIBC Bank in The Hague, where he was responsible for alternative investment sales. Urban reports to Peter Roemer, DeAM's new European institutional sales head.