The pension provider for the German financial sector, BVV, has appointed Christian Chrobok as the new chief investment officer from 1 April, succeeding Frank Egermann.
Egermann, appointed as a board member of BVV one year ago and responsible for the finance department and asset management, has replaced Rainer Jakubowski who retired at the end of June last year after 20 years at BVV as a board member and head of the finance department.
Chrobok brings to BVV – one of the largest pension funds in terms of assets under management (AUM) in Germany – his experience in asset management. He has served at PwC in Frankfurt and HSBC in London, with a stint as senior portfolio manager at Gothaer Asset Management in Cologne from 2006 to 2011.
He also held the position of senior portfolio manager at Deutsche Apotheker und Ärztebank in Düsseldorf from 2012 to 2015. He then joined Volkswohl Bund Lebensversicherung in Dortmund, where he was responsible for portfolio management as head of the investment department from 2016.
“We are pleased that with Christian Chrobok we have been able to take on board a proven expert with many years of experience,” said Egermann.
Chrobok will inherit a portfolio that achieved a positive performance in 2020 despite challenges the pension fund had to face during the height of the COVID-19 pandemic, but it will have to navigate the impact of the war in Ukraine on investors and high volatile markets.
BVV has AUM of over €31bn. Its total assets grew year-on-year by about €700m to €31.4bn in 2020, and its investment portfolio grew by almost €800m to €31bn, according to the fund’s latest financial statement.
The pensions provider achieved net returns on investments of 3.1% in 2020. Income from contributions decreased from €733m in 2019 to €700m last year, while the amount paid for benefits increased from €818m in 2019 to €857m last year.