GERMANY - Wolfgang Mansfeld, who sits on the board of managing directors for Union Asset Management Holding (UAMH), is set to retire next year.

Mansfeld, who holds a PhD in economics, will be 60 when he steps down at the end of June 2011.

Hans Joachim Reinke, chief executive of Union Asset Management said they regretted Mansfeld's decision, but respected his choice.

He added: "Wolfgang Mansfeld has made a huge contribution to advancing the company's development.

"His acute strategic acumen and impeccable personal integrity have made him a highly valued member of our board of managing directors."

Mansfeld has worked at UAM for 20 years, joining in 1990 as head of strategic planning and corporate communications and being promoted to managing director four years later.

He has been a member of the board of managing directors for over a decade, overseeing the company's real estate mutual funds and being responsible for strategic product development, investment analysis, legal matters and reporting.

Wolfgang Kirsch, chairman the supervisory board for UAMH, praised Mansfeld's "untiring personal commitment" while promoting the interests of the investment industry, citing his time as president of the European Fund and Asset Management Association, as well as his time as president and executive director of Germany's investment and asset management association BVI.

Mansfeld is expected to retain his seat on the board of directors at BVI, which is granted to all member companies, until he departs Union Asset Management.