Andreas Köster will become the new head of portfolio management of Union Investment, succeeding Frank Engels, who is leaving Union Investment on 30 September.

From 1 September, Köster (pictured) will lead the fund management team with 300 professionals and will be responsible for an investment strategy of roughly €306bn in assets under management.

"We are delighted to have won such a highly respected expert with international experience for this role. Andreas Köster's extensive expertise will benefit our company's successful investment platform," said Jens Wilhelm, member of the Union Investment executive board.

Since 2017, Köster has been responsible for global strategic and tactical asset allocation at UBS Global Wealth Management in his role as CIO global asset allocation.

Previously, he was head of multi asset at UBS Asset Management from 2009 to 2017.

Earlier in his career, he held several senior positions in asset allocation at Schroders in London, AXA Investment Managers and ADIG in Frankfurt.

Köster will succeed Engels, who is leaving Union Investment to take up new challenges. His contract has been terminated early by mutual agreement.

Engels joined the Union Investment Group on 16 January 2012 as head of fixed income portfolio management.

He was appointed to the board of managing directors of Union Investment Privatfonds GmbH in 2014 and became head of the multi asset segment in 2017.

Since 2018, he has also had overall responsibility for Union Investment's portfolio management as chief investment officer.

"We would like to thank Dr Engels for his excellent work and dedication during his time at Union Investment. He enjoys our utmost respect and appreciation for his highly valuable contributions to the success of the group. We are very sorry that he has decided to leave but wish him all the best for the future, both professionally and personally," Wilhelm added.

First published by our sister title Investment Week