GERMANY - ING Investment Management has named Pioneer Investments' Matthias Schellenberg as head of Germany.

The appointment is effective from the start of this month (October).

Schellenberg is currently responsible for alternative investment and institutional marketing at Pioneer in Germany, ING said.

Before joining Pioneer on the asset management side, Schellenberg held different positions in investment banking in Frankfurt, London and New York.

"As head of Germany for ING Investment Management, Matthias' short term objectives are to launch ING Investment Management's greenfield operation, build a team of marketing, sales and client servicing professionals and to liaise with the key players within ING Group already active on the German market," a statement said.

"Furthermore, Matthias will take over the clients that are currently serviced out of ING Investment Management's head office in The Hague."

Schellenberg will report to Martin Nijkamp, head of business development at ING IM Europe.

In August ING reported that it lost a total €8.9bn of assets under management in the second quarter - "shaved" by market declines and currency movements.