Blackrock’s head of the three German-speaking nations of Germany, Austria and Switzerland has been promoted and the company is now looking for a replacement.

Christian Staub has been put in charge of the institutional business of Blackrock in continental Europe starting August 1, 2017, the U.S. asset manager told finews.com.

Staub has been appointed to replace Peter Nielsen, who will move to New York and assume the position as global head of alternative specialists.

Retaining Responsibility for Switzerland

Staub joined Blackrock in July 2014 and was put in charge of Germany, Austria, Switzerland and Eastern Europe. He used to work as head of Switzerland at Pimco.

In his new role, Staub will remain responsible for Switzerland, Blackrock said. And while the company is looking for his replacement, he will also keep his job as head of Germany, Austria and Eastern Europe.