Generali board expands with political hire

Handshake 3Generali Investments has appointed Jörg Asmussen, a renowned German economist and politician, as an independent director.

Asmussen joins Generali from the German Federal Ministry of Labour and Social Affairs, where he served as State Secretary from 2013. Previously, he was a member of the executive board of the European Central Bank from 2012 to 2013, and State Secretary at the German Federal Ministry of Finance from 2008 to 2011.

During his time in German politics, Asmussen repeatedly argued for deeper federal integration of the Eurozone, the creation of institutions – such as an EU finance ministry – and a universal eurozone budget. He sparked controversy last year when it was revealed he’d spoken to then-Greek finance minister Yanis Varoufakis without informing relevant government ministers.

The board already has one independent director, Mirella Pellegrini, who is professor of financial law at the Luiss University in Rome.

Asmussen replaces Antonella Baldino, who resigned as independent director for “professional” reasons.

Generali Investments manages assets of €431 billion as of year end 2015.

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