This week’s overview of transfers, appointments and promotions includes updates from Capital Group, Moonfare and the supervisory board of the European Central Bank.
Benno Klingenberg-Timm
Benno Klingenberg-Timm (photo) has been appointed as Head of Institutional for Europe and Asia Client Group (EACG) at Capital Group. He joins Capital Group from UBS Asset Management where he was most recently Head of Institutional for Asia Pacific. Klingenberg will report to Guy Henriques, President of Europe and Asia Client Group, and will become a member of the EACG Management Committee.
The firm said he will be responsible for expanding the firm’s institutional business, working with the local institutional client teams to deliver investment services aligned to client needs, and deepening relationships with institutional clients in Europe and Asia. He will be based in Singapore.
Over a two-decade tenure at the firm, he held several senior roles including Head of Global Sovereign Markets, APAC, and Managing Director for Middle East & Sovereign clients. During his career at UBS, Benno has been based in Singapore and Zurich.
Claudia Buch
The European Council has adopted a decision appointing Claudia Buch as chair of the supervisory board of the European Central Bank. She will hold the position for five years, starting from 1 January 2024. Claudia Buch, who is currently vice-president of the Deutsche Bundesbank, will replace Andrea Enria, who was chair from 1 January 2019.
The ECB has direct oversight of the most significant banks under the Single Supervisory Mechanism (SSM). Currently, 109 banks are under the ECB’s direct supervision. The banks are either the largest in their home country, or which have assets of more than €30 billion in total assets or have substantial cross-border operations. These banks hold almost 82% of banking assets in these countries.
As a supervisor, the ECB works to closely monitor the health and integrity of the European banking system. It has the authority to carry out inspections to check banks’ compliance with EU rules, demand banks set aside additional capital to mitigate risks and can even withdraw banking licenses.
Lorenz Jüngling
Dr. Lorenz Jüngling, currently managing director, chief operating officer, and chief financial officer, has been appointed as Co-CEO at Moonfare, alongside its founder, chairman and current CEO Dr. Steffen Pauls.
Jüngling, a Ph.D. material scientist and physicist by training, currently oversees Moonfare’s R&D, finance, operations and compliance functions. Before joining Moonfare he was the Chief Product Officer of digital banking unicorn N26, as well as an angel investor and advisor to early-stage and start-up tech companies. Jüngling also spent 12 years at McKinsey, six as a partner, advising globally on energy and basic materials companies. He lives in Berlin with his wife.
Share your appointments and staff announcements to editor@investmentofficer.lu.
Related articles on Investment Officer Luxembourg:
- McDonagh replaces Reinhard as Universal Investment CEO
- Quintet, Moonfare to cooperate in private markets
- SVB crash: ECB is concerned over rate risk management
