MEAG is participating in the refinancing of a segment of Barcelona’s Metro (Line 9, Section 1) by investing a high double-digit euro millions amount in a long-running project bond. The funds are being invested by Munich Re Group entities and other institutional investors, including the MEAG Infrastructure Debt Fund II, through which institutional investors can participate in the attractive risk/reward potential of this asset class.

Line 9 of the Barcelona Metro connects the airport with the city centre and provides access to other lines of the Metro network. The financing is based on a 20-year remaining concession life with the transport authority of Catalonia (IFERCAT). The segment was completed in 2016 and is an important part of Barcelona's public transport system.

Holger Kerzel, Managing Director and Global Head of Illiquid Assets at MEAG: "We would like to express our gratitude to the majority owner Vauban Infrastructure Partners for the excellent collaboration and are very happy to enable our clients to participate in the cash flows of a long-term investment in Barcelona’s sustainable public transport.”

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

MEAG is participating in the refinancing of Cross London Trains Limited, the owner of 115 Siemens Desiro Class 700 City trains serving on routes of the Thameslink network which provides commuter train services on the north-south-routes through central London covering 115 stations in total. The trains have all been in operation since 2018. MEAG's share is in the high double-digit GBP millions, with funds being raised by units of Munich Re Group and non-Group institutional investors. 

The Thameslink Programme was part of very a large investment program in the UK rail sector including also considerable investments in platforms and the surrounding infrastructure. The Thameslink route used to have significant capacity constraints with numerous junction bottlenecks, which severely restricted the frequency at which trains could operate through the centre of London. The purpose of that investment program was to remove these constraints by introducing additional and longer trains servicing with increased frequencies and thus provide a material increase in capacity to accommodate future growth in passenger demand.

Holger Kerzel, Managing Director and Global Head of Illiquid Assets: "We are pleased to support Cross London Trains in providing critical public transport infrastructure in the United Kingdom."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

MEAG has acquired more than 15,800 hectares of high-quality hardwood forest north of Pittsburgh in the two US states of Pennsylvania and New York for a low three-digit million Euro amount. The investment is part of a targeted strategy to increase long-term exposure to US forestry. By focusing on professionally managed forests, MEAG can offer its clients selective access to opportunities in alternative investments with attractive prospective returns.

The forests are comprised of various deciduous tree species: soft maple, red oak, black cherry, white oak and hard maple, and have a high level of stock ready for harvesting. Like all MEAG forestry investments, this forest is managed sustainably. PEFC certification (in the US: Sustainable Forestry Initiative certification) is planned. The acquired deciduous forests currently store around 5 million tonnes of CO2. Sustainable management ensures long-term CO2 sequestration in the forests as well as in durable wood products such as furniture and flooring. Managed forests are an important nature-based solution for slowing climate change, as they are uniquely capable of binding CO2 from the air while growing and producing wood fibre at the same time.

Holger Kerzel, Managing Director and Global Head of Illiquid Assets: "Forestry is an integral part of MEAG's global investment strategy in the field of alternative investments. Well-selected forestry investments serve to further diversify investment portfolios and generate attractive returns. Risk assessment and the review of the forest management strategy are part of the due diligence process, and of the ongoing management. MEAG makes use of Munich Re's expertise in assessing natural risks and the potential impact of climate change on these investments."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

MEAG is financing the Önusberget wind farm under construction in Northern Sweden. The project has a planned capacity of over 750 MW and is owned by renewable energy funds advised by the asset manager Luxcara.

Luxcara, one of Europe’s most experienced renewable energy asset managers, and MEAG have jointly advised the financing of Önusberget wind farm in Northern Sweden in what is considered to be the world’s largest onshore wind project bond subscribed by institutional investors.

The mid-three-digit million bond amount was secured from a group of 17 institutional investors, including the MEAG Infrastructure Debt Funds managed by MEAG and other leading European insurance groups and pension funds. Equity is provided by renewable energy funds, advised by Luxcara. Deutsche Bank and Intertrust provide agency services for the project.

The proceeds of this landmark transaction will be used to fund the ongoing construction and operation of Europe’s largest single onshore wind project with an expected capacity in excess of 750MW.

Holger Kerzel, managing director and Global Head of Illiquid Assets at MEAG: "Greater efforts to reduce CO2 emissions are necessary if the world is to achieve the Paris climate goals. Producing more emission-free wind energy is an important step toward doing so. The financing of this wind farm meets our tough demands on returns and diversification and brings both MEAG and Munich Re Group as a whole closer to our ambitious climate targets. We are also pleased to help our institutional investors achieve their investment and ESG goals through investments of this kind.

Alexandra von Bernstorff, Managing Partner of Luxcara, comments: “We are delighted to secure a collaboration with this sophisticated group of institutional debt investors and look forward to supporting Sweden with its ambitious target to achieve net-zero emissions by 2045. We are pleased to have, once again, delivered on our proven strategy to acquire, structure and finance PPA-based renewable energy projects as a sustainable and eco-nomically attractive investment proposition for institutional investors.”

The lenders were advised by White & Case (legal) and Munich Re and Hartford Steam Boiler (technical). Luxcara was advised by CMS and DLA Piper (legal), Wood Group (technical) and Marsh (insurance).

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

Luxcara is an independent asset manager offering institutional investors equity and debt investment opportunities in the international renewable energy market. The owner-managed company was founded in 2009. Luxcara acquires, structures, finances and operates renewable energy and related infrastructure projects as a long-term buy-and-hold investor. The company specializes in structuring free-market power purchase agreements.

Luxcara's portfolio includes solar and wind power plants across Europe with a total capacity of more than 3 gigawatt and an investment volume exceeding 3 billion euros. With this outstanding track record, Luxcara is one of Europe’s most experienced asset managers for renewable energy investments.

MEAG has acquired around 3,500 hectares of forest and pasture land in the Gisborne region of New Zealand for an Euro amount in the low to mid-double-digit millions. The pasture land is to be afforested, which will permanently bind around 400,000 tonnes of CO2.

In view of the persistently low interest rates, MEAG is increasingly investing in alternative investments that offer attractive risk-adjusted returns over the long term. MEAG has built up extensive internal know-how for this purpose and also makes use of Munich Re's expertise in assessing natural risks and potential impacts of climate change.

Holger Kerzel, MEAG Managing Director: "Forestry investments offer institutional investors the opportunity to generate attractive returns while diversifying into an alternative asset class. Such investments can make a further contribution to achieving the Paris climate targets. At MEAG, all ESG-relevant aspects are an integral part of the screening process when purchasing assets, alongside the financial criteria. During the many years of holding forest assets, their sustainable management, certified by internationally recognized schemes, is also a central component of our investment management concept."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €339 billion, €65 billion of which for institutional investors and private clients from outside the company group.

MEAG has purchased two logistics properties in Alkmaar, the Netherlands for a real estate fund: an existing refrigerated warehouse and a distribution centre that is to be built. The existing facility and development project were acquired as a package within a sale and lease back transaction.

The cold store, built in 2004, has 16,527 m² of leasable space. The planned new building will dispose over leasable warehouse and logistics floor space totalling 14,392 m² and is scheduled for completion in Q3 of 2022. Heembouw has been selected as contractor.

The tenant is the owner-managed food retailer Vomar, which has had its head office in Alkmaar for decades. Both logistics properties are in the immediate vicinity of the company headquarter, strategically located so as to always be able to quickly replenish the shelves at the round 94 Vomar supermarkets with fresh produce.

The investor is a MEAG logistics special fund with an investment volume of over 200 million euros, in which entities of Munich Re Group are invested.

Katrin Hupfauer, Head of Real Estate Transactions at MEAG: "Our investment focus is on the trends of logistics and food retail. Both segments are largely decoupled from economic cycles and crises, which makes them ideal for insurance companies for generating stable cash flows and diversifying the real estate portfolio. Our thanks go out to Hoorne and Vomar for the outstanding collaboration. We are very happy to be able to welcome a leading food retailer in the north of the Netherlands as a tenant, and we look forward to assisting Vomar with its expansion strategy."

According to Hoorne CEO Paul van der Eng, the sale of the distribution centres will further reinforce the company’s focus on sustainable real estate investments in residential and commercial construction in particular: 'Our long-term vision partly focuses on developing rental homes in the middle market segment, whether or not in combination with community-oriented projects and neighbourhood shopping centres.

MEAG was advised in the purchase by Cushman&Wakefield, and by the legal firm Greenberg Traurig. Hoorne Vastgoed was supported by 3stone Real Estate, and by the legal firm Houthoff.

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €330 billion, €65 billion of which for institutional investors and private clients from outside the company group.

Real estate developer and investor Hoorne Vastgoed is mainly active in retail and residential construction/real estate. Dozens of projects have been realized and added to Hoorne’s portfolio in the provinces of North Holland, South Holland, Flevoland and Utrecht, including the (re)development of community facilities and neighbourhood shopping centres. 

MEAG is investing a low-three-digit-million euro amount for ERGO in Bikeleasing-Service securities with an ESG rating. The bond has a credit rating from Scope, and MEAG structured and issued it on the securitisation platform CrossLend, using blockchain technology. The investment indirectly saves more than 13,000 tonnes of CO2 emissions per year, or the electricity consumed in a year by 1,600 people.

ERGO and Bikeleasing-Service have been working together since 2016. Bikeleasing-Service enables employers and freelancers to realise no-emission mobility with company bicycles. ERGO protects the extensive offering of Bikeleasing-Service with comprehensive insurance packages, including full coverage, wear and tear, employer default, liability and legal expenses insurance policies. More than 150,000 employees use Bikeleasing-Service's work bike model. With the investment, ERGO is helping Bikeleasing-Service achieve further growth in a climate-friendly business field, and it also sees in it an attractive investment opportunity.

The bond is securitised using blockchain technology. The financing is done entirely digitally and without other parties involved, from initiating the lease through to the refinancing. Thanks to its direct connection between company and investor, this form of financing is both good for the company and attractive for the investor.

Stefan Kox, Head of Technical Insurance at ERGO Versicherung AG: "We are an innovative Partner within Munich Re Group and we leverage all of our networked know-how. We look forward to continuing on the path of growth together with our partner of many years, Bikeleasing-Service."

Paul Sinizin, Managing Director at Bikeleasing-Service: "Company bikes are digital with us – from the start of the customer relationship, to leasing the bicycle, through to processing claims. That is added value for all Bikeleasing-Service customers. Financing through a strong partner enables us to accelerate our growth."

Thomas Bayerl, Head of Illiquid Assets Debt at MEAG: "With the blockchain technology we enable ERGO to make investments in sustainable leasing assets, and Bikeleasing-Service to obtain an innovative financing solution. This transaction is ground breaking not only in the corporate financing of rapidly growing industries, but also for the direct providing of these industries by large institutional investors."

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America MEAG also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €330 billion, €65 billion of which for institutional investors and private clients.

In business since 2015, Bikeleasing-Service GmbH & Co. KG now cooperates with more than 5,000 brick-and-mortar bicycle dealers around Germany with its company-bike leasing services. To help protect these dealerships, online sales are not part of the concept. More than 25,000 companies (and rising) collaborate with Bikeleasing-Service, profiting from the uncomplicated contracting and extensive insurance concept.

SAN DIEGO & NEW YORK CITY, (Sept. 14, 2021):  EDF Renewables North America (EDFR) and MEAG, acting in its capacity as Munich Re’s global asset manager, today announced a strategic investment whereby a subsidiary of Munich Re will acquire a 50% stake in two renewable energy projects in California.

The Maverick 6 Solar-plus-Storage Project is 131 MWdc coupled with a 50 MW/200 MWh battery energy storage system.  The Maverick 7 Solar Project has a capacity of 179 MWdc.  The projects, which utilize horizontal single-axis tracking technology, are located adjacent to one another in Riverside County on federal lands within a Solar Energy Zone and Development Focus Area, managed by the U.S. Bureau of Land Management (BLM).  Both projects are in construction with operations to commence in December 2021.

“We are very pleased to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term investment focus and commitment to decarbonization,” commented Nate McMurry, Vice President, Divestiture & Portfolio Strategy for EDF Renewables. “Securing the volume of capital investment required to successfully address climate change is one of the 21st century’s critical challenges; partnerships between developers of high-quality renewable energy projects and major institutional investors like MEAG are an important avenue to accelerate the growth of clean energy.”

Holger Kerzel, Member of MEAG’s Management Board, said, “This project fulfills our high expectations for sustainable investments. By further expanding our renewable energy portfolio in the US we are helping to prevent climate-damaging emissions. We are very pleased about this transaction and are looking forward to a successful partnership with EDF Renewables.“

The projects combined will generate enough clean energy to meet the consumption of 116,500 average California homes¹. This is equivalent to avoiding more than 527,000 metric tons of CO2 emissions annually².

The transaction, expected to close in the first quarter of 2022, is subject to customary regulatory approvals.  Macquarie Capital acted as exclusive financial advisors.

EDF Renewables, one of the largest renewable energy developers in North America, is committing to providing solutions to meet California’s carbon-reduction goals.  With 35 years of experience and 20 gigawatts of wind, solar, and storage projects developed, EDF Renewables provides integrated energy solutions from grid-scale power to electric vehicle charging.

MEAG, acting on behalf of Munich Re, has more than one gigawatt of wind and solar assets under management in Europe and in the US, and is planning to substantially increase its investments into the US renewable energy space over the next years, leveraging on Munich Re’s in-house engineering expertise and MEAG’s local presence in the US.

¹ According to U.S. Energy Information Administration (EIA) 2019 Residential Electricity Sales and U.S. Census Data and typical transmission assumptions. 

² According to U.S. EPA Greenhouse Gas Equivalencies calculations and typical transmission assumptions.

Contacts:

EDFR: Sandi Briner, mediarelations@edf-re.com

MEAG: Josef Wild, Spokesperson jwild@meag.com

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects.  The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit:  www.edf-re.com.  Connect with us on LinkedIn, Facebook and Twitter.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around € 334 billion, around € 67 billion of which in its business with institutional investors and private customers.

MEAG invests in alternative assets in North America on behalf of Munich Re group and other non-US institutional investors. MEAG’s most recent infrastructure investments in the US comprise a solar farm in California and various regulated US water assets in 2020,  as well as New York’s Astoria Energy Partners and Long Beach Container Terminal in 2019.

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MEAG, acting as Munich Re’s global asset manager, sells 16 German wind parks to Q-Energy, an investor, developer, and asset manager in renewable energy. The portfolio consists of 56 turbines in the northern part of Germany with an installed capacity of 109 MW. The turbines have been in operation for 11 years on average.

Holger Kerzel, Global Head of Illiquid Assets at MEAG, says: “We are pleased to have found an investor in Q-Energy who will repower and operate the wind farms in the future. This transaction follows the strategy of further optimizing our portfolio and leveraging earnings potential. We will further expand our investments in infrastructure projects such as wind farms and solar parks in the coming years, placing particular emphasis on regional and segment diversification. The intention is to reinvest the funds generated in infrastructure."

Iñigo Olaguibel, founding partner of Q-Energy, says: “This acquisition underlines our commitment to our repowering strategy in Germany and demonstrates our ability to execute large-scale transactions with renowned institutions like MEAG professionally and quickly. Germany will continue to be a key renewables market going forward, taking a leading role in decarbonizing the European economy.” Niklas Hinz, Head of Investments Q-Energy Germany, says: “These wind parks are an excellent addition to our wind power portfolio that we will be repowering with our local team in Germany. We continually work on identifying new investment opportunities and are proud of our comprehensive project pipeline in implementation.”

About MEAG

MEAG stands for the asset management of Munich Re and ERGO. MEAG is present in Europe, Asia and North America and offers its comprehensive know-how to institutional investors and private clients. In total, MEAG manages investments currently worth 330 billion euros. In its business with institutional investors and private clients, MEAG manages 65 billion euros.

About Q-Energy

Q-Energy is a renewables investor with a project development platform that employs more than 170 professionals, about 40 of which are based in Germany. Q-Energy’s medium-term goal is to become a leading platform for renewable energy in Europe and to become a market leader in the repowering segment in Germany. Q-Energy recently closed its fourth private equity fund for renewable energy with €1.1 billion in equity commitments of which about 60% are already invested in Germany, Spain, Italy, and Poland. Q-Energy manages more than 1.2 GW of solar photovoltaic, 240 MW concentrated solar power (CSP) and 300 MW in wind power across Germany, Spain, and Italy. Additionally, Q-Energy has more than 8 GW in active development assets in various stages of maturity.

www.qed.de

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MEAG has purchased a portfolio of twelve shopping centres in the north, west and south of Germany from Patrizia. The package has been acquired for Munich Re Group clients and two real estate funds that focus on "large-scale retail properties", with which institutional investors can participate in the earning potential of this property form. The transaction is subject to review by the antitrust authorities.

The properties are located in Neumünster, Leer and Lüneburg in the north of Germany, Viersen, Neuss, Kassel, Limburg and Bous in the west, and in Remseck, Lahr, Senden and Landsberg am Lech in the nation's south. The total leased space amounts to around 180,000 m2, divided up between individual venues ranging in size from 5,000 m2 to almost 35,000 m2. The focus areas of food and retail make up 45% of the rental income. The anchor tenants are supermarket chains EDEKA and Kaufland, which account for 20% and 12% of the rental income respectively. The leasable space in the portfolio is rented out to 97%. The weighted remaining lease duration is around ten years.

Dr. Hans-Joachim Barkmann, Managing Director Real Estate at MEAG: "With this focused investment strategy, MEAG is reacting to the growing interest of institutional investors looking to optimise their earnings/risk structure with food-based retail properties. We are very happy to have secured these twelve attractive properties in this portfolio transaction for our clients from Munich Re Group and our other institutional investors."

Frank Becker, Managing Director Institutional Clients at MEAG: "In the field of Alternative Assets, MEAG offers a range of different concepts for institutional clients in target segments with promising long-term outlooks, such as large-scale retail property. We will continue to grow our offering in the future and are pleased to have once again demonstrated our ability to deliver with this transaction."

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €330 billion, around €65 billion of which in its business with institutional investors and private customers.

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Together with several banks, MEAG is financing the first public-private partnership (PPP) project in the Czech Republic through entities from Munich Re Group and an additional institutional investor. The project is a 28-year concession for a section of the D4 motorway between Prague and Písek to the south. It comprises the construction of a new 32 km stretch of a dual two-lane motorway and the subsequent operation of a total of 48 km of motorway. Sponsors of the project are VINCI Highways (lead company), subsidiary of VINCI Concessions, and Meridiam in equal parts. The total financing volume is EUR 525 million.

Holger Kerzel, MEAG Managing Director, explains: "Even in times of e-mobility, highly performant traffic infrastructure will be essential for a prospering economy. Public-private partnerships are ideal for raising the large financing volumes needed to achieve this, also with the support of international investors. Funding traffic infrastructure provides institutional investors with stable returns over a long period of time."

The construction and expansion to a dual two-lane motorway is scheduled for completion by 2025. It will improve roadway safety and reduce traffic disturbances, while fostering local economic and social development. In doing so, the project also focuses on its environmental balance: recycling and reusing excavated material; recycling asphalt mix; and preserving biodiversity, for instance by means of a "zero-pesticide commitment" and new rainwater retention ponds. It also includes noise-protection measures for people who live close to the motorway. The D4 connects important regions between Central and South Bohemia, and links Prague better to other larger cities in the country, in particular those towards Germany and Austria, making it a key piece of infrastructure in the Czech Republic.

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around EUR 328 billion, EUR 65 billion of which for institutional investors and private clients from outside the company group.

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MEAG, on behalf of its clients, acquired more than 60,000 hectares of pine dominated forests for a middle triple-digit million US dollar figure in the US South stretching from Oklahoma to North-Carolina in an off-market transaction. The total area corresponds roughly to the area of the island of Ibiza. The investment is part of a targeted strategy to increase the long-term exposure of MEAG’s clients to forestry in the US. By focusing on professionally managed large-scale investments in selected regions, MEAG is able to provide its clients with a specific access to opportunities with attractive return outlooks.

MEAG continues to increase its focus on alternative investments that offer attractive risk-adjusted returns over long periods of time. Besides the asset classes of real estate, infrastructure, private equity and agriculture, forestry is an integral element of MEAG’s global strategy in the field of alternative investments. Well selected forestry investment help MEAG’s clients to further diversify their investment portfolios and generate attractive returns in challenging markets. For successful investments in forestry, however, specific competence is needed not only relating to pure financial aspects, but in light of climate change also increasingly regarding the assessment of natural risks as well as sustainable management practices. At MEAG, all of these aspects are an inherent part of our due diligence process and ongoing management considerations. MEAG has built up the necessary inhouse expertise in this field while at the same time leveraging the outstanding competence of Munich Re with regards to assessing natural risks and potential impacts of climate change.

In addition to generating attractive returns, sustainably managed forests have the potential to deliver significant positive impacts on different ESG aspects. Holger Kerzel, Managing Director of MEAG, explains: “Our fundamental strategy in forestry is to buy and hold long term high quality assets. Hence, our management approach in forestry is very long-term in line with the growth cycles of a forest, which can span easily over 50 years. Forest investments will longer term unfold their real potential with regards to generating sustainable risk-adjusted returns whilst at the same time contributing to other more and more important aspects such as biodiversity, clean water or carbon storage, both in wood products as well as in the forest. We are convinced that sustainable forest management will play an important role in mitigating climate change.”

MEAG manages the assets of Munich Re and ERGO and several institutional clients. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €336 billion, around €70 billion of which for institutional and private customers.

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MEAG has reorganised its team of portfolio managers in the Public Markets team, focusing on its strengths and aligning itself even more closely with its clients and their investment objectives.

The Multi Asset & Equity asset classes have been brought together under the leadership of Stefan Amenda, who will also continue to lead the Multi Asset team. Franz Stadler has been promoted to the Head of Equity Europe.

The Fixed Income team has been split into two new teams. Matthias Wenzel will lead the Fixed Income Solutions team with a focus on providing customised Buy & Maintain strategies for institutional clients. Reiner Back will currently head up the Active Fixed Income team which consists of three team: Credit (Erik Rüttinger remains in charge), Emerging Markets (Sabine Frühn remains in charge) and Macro (Michael Muck has been appointed to head the team).

Johann Fürstenberger will be responsible for the newly established Quantitative Strategies team, and Tobias Zechbauer for Credit Research.

Heiderose Briem is assuming responsibility for the newly created Business Management unit, which encompasses the newly formed Trading desk (Elke Wenzler will lead the team), Investment Risk (new: Susanne Gülpen) and Business Management Services.

Prashant Sharma, CIO Public Markets at MEAG, says: “With this reorganisation of portfolio managers in the Public Markets team, MEAG is focusing on specialization and aligning itself more systematically with its clients and their investment needs. We are bundling our resources in the applicable investment segments in order to deliver improved performance for our clients.”

MEAG is the asset manager of Munich Re and ERGO. With offices in Europe, Asia and North America it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets to the value of around €334 bn, with €67 bn of these coming from outside the company group.