GERMANY – Marc Bechtel, executive manager of quantitative asset management outfit Union PanAgora, has left.

“We don’t make any public comment on his departure,” Union PanAgora chief executive Andreas Sauer told IPE.

Sauer - appointed successor to retiring CEO Peter Prentzel in January 2005 - could also not say where Bechtel had moved.

While at Union PanAgora, Bechtel was responsible for sector sales and client relationships, a spokesperson said. He joined in 1999 and left at the end of March 2006.

Union PanAgora is an institutional fund venture between Germany’s Union Investment and the roughly $17bn (€14.1bn) Boston-based PanAgora Asset Management.

IPE understands that Bechtel played a pivotal role in establishing PanAgora in Germany – the first quantitative management outfit in the country. It was later taken over by Union.

Shareholders in the joint venture include Union Investment and PanAgora Asset Management. Each holds a 40% stake in the venture, with the remaining 20% held by management.

Since its launch in Germany, Union PanAgora has accumulated more than €4bn in institutional assets, with clients including banks, companies, pension funds, public institutions and insurers.