SWITZERLAND – The Vontobel Group is bringing together the investment side of its two businesses with a newly appointed chief investment officer, Giuseppe Benelli.

Benelli will be CIO for the whole Vontobel Group, according to a spokeswoman for the company, who said the position had been created in order to “streamline the investment processes of the institutional and private banking sides”.

Benelli will be responsible for the investment policy and group-wide investment process of the group. He will also be a member of the group executive board.

Prior to the new position, Benelli was chief investment officer and member of the executive board of Swiss Re. He has also held the same positions at Bank Leu. He starts his new role 1 November.

Reporting to Benelli will be the separate heads of the individual businesses – Thomas Steynemann heads up the institutional business, and Daniel Bruehbiler heads up the private banking side.

The combined businesses had 55.5 billion Swiss francs (35.7 billion euros) in assets under management as of 30 June 2003.