America's Capital Group has recruited the former head of German asset management at Credit Suisse to run Capital's institutional business in Germany and Austria.
Henning Busch is now Capital's managing director for institutional clients in the two countries and the asset manager is supporting its business there with a newly created local branch, called Capital International Limited – Niederlassung Deutschland, and a local office in Frankfurt am Main.
In this newly created position, Busch will not only aim to develop Capital Group's institutional business in the two countries, but also play a leadership role in client and business development.
Stephen Gosztony, head of institutional for Capital Group in Europe, says the firm is supporting its growth in Europe by placing local expertise in the countries it targets. He says Capital is also building an on-the-ground team.
Capital Group has served clients in Germany and Austria since the 1990s, Gosztony adds.
The appointment follows a similar hire for Capital in Switzerland.
Capital Group, which has $1.4 trillion (€1.25 trillion) of assets under management, currently runs six offices across Europe having opened in Luxembourg, Madrid, Milan and Zurich since 2012.
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