Thanks to its takeover of Credit Suisse, UBS is growing in size in the fund business. But a former regional head is trying his luck elsewhere.
Capital Group appoints Benno Klingenberg-Timm as head of institutional clients in Europe and Asia with immediate effect, according to a statement from the US fund manager on Tuesday.
Klingenberg will be based in Singapore and responsible for expanding the institutional business in those regions, reporting to Guy Henriques, who oversees all client groups in those market areas.
According to a ranking by the Thinking Ahead Institute, Capital Group was the world's 8th largest manager of pensions and investment last year, with $2.2 trillion under management. UBS placed 10th on the list with just over $1.8 trillion.
Wide-Ranging Relationships
Klingenberg-Timm was previously responsible for UBS Asset Management's business with institutional clients in the Asia-Pacific region but also established contacts with institutional clients in the Middle East. The former UBS executive was based in Singapore and Zurich during his career, and with his move to Capital Group, he extended his area of responsibility to Europe.
