GERMANY - Fund industry association BVI has elected Wolfgang Mansfeld, a board executive at German asset manager Union Investment, as its new president.

BVI said Mansfeld would replace Markus Rieß, the current chief executive of Allianz Global Investors in Germany, at the end of the month.

AGI announced on Wednesday that Rieß would quit as its German CEO to join parent firm Allianz as the insurer's new German sales head from February 1. Rieß will be succeeded by two new co-heads of AGI Germany, one of whom, Horst Eich, is expected to represent AGI on BVI's board.

However, the BVI reaffirmed that Rieß would be conducting the association's annual news conference on Monday.

At Union Investment, Mansfeld is responsible for compliance, controlling, real estate and product development. He joined Union, which is the fund manager for German co-operative banks, in 1990.

Between 2002 and 2005, Mansfeld was also president of Efama, the European fund industry association. He was succeeded in June 2005 by Stefan Bichsel, a former board executive with Dutch asset manager Robeco and currently Partner at the Group Holding Company Lombard Odier Darier Hentsch & Cie in Geneva.

BVI's other board members are Axel-Günter Benkner, Rieß' predecessor as president who comes from Deutsche Bank's DWS; Detlev Dietz of Commerzbank Asset Management; Götz Kirchhoff of Indexchange; Thomas Neiße of Deka Investment; Walter Schmidt of AmpegaGerling; and Bärbel Schomberg of DEGI, a unit of AGI and Bernd Wagner of Universal-Investment.