BlackRock appoints new CIO in Germany

BlackRock is strengthening its senior management’s experience in European fixed income, the most troubled but most important asset class for many clients, by appointing bond specialist Michael Krautzberger chief investment officer of its German unit.

Krautzberger (pictured) leads BlackRock’s European fixed income team and is a member of the company’s ‘leadership committee’ for Europe, the Middle East and Africa.

Dirk Klee, chief executive of BlackRock Asset Management Deutschland and country head for Germany, Austria and Eastern Europe, said: “Michael Krautzberger has been for many years a valued sounding board for questions about European economic activity, interest rate policy, and investment strategy.

“We are convinced that our German and European clients will profit in terms of investment strategy and asset allocation from this experience.

“The expansion in Germany takes into account the particular position of Germany as the eurozone’s driving national economy and the strategic value of German clients for BlackRock.”

Klee added for many German investors bonds remain the most important asset class.

Krautzberger assumes his role as European debt continues to bifurcate between troubled peripheral sovereigns, and core Continental paper.

Greek lawmakers will debate €78bn of austerity measures for three days starting today, leading to a vote on them on Wednesday.

If Prime Minister George Papandreou fails to have the measures passed, Athens could be forced into the eurozone’s first sovereign default.

European finance ministers will decide next week whether Greece has satisfied conditions for its next support payment.

Amid the turmoil in his chosen asset class, Krautzberger will remain responsible for European debt business, and be a lead fund manager and regional head at BlackRock.

The promotion at BlackRock in Germany came as Threadneedle announced the appointment of two analysts to further strengthen its €3.7bn high yield bond team, headed by Barrie Whitman.

Gareth Simmons joins from Morgan Stanley where he was a European credit desk analyst, while Jenny Wong joins from Putnam Investments where she was a credit analyst in the European high yield fixed income team.

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David Walker

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