Qontigo, the financial intelligence arm of Deutsche Boerse, has appointed Stephan Flägel as global head of indices and benchmarks, overseeing the firm's index business which becomes effective on 2 December.

The appointment follows the announcement of Steffen Hermanns who has decided to retire from the role in 2020. Flägel will report to Holger Wohlenberg, the chief business officer at Qontigo.

Flägel joins Qontigo from Refinitiv where he held an identical role as global head of indices and benchmarks as well as chief executive officer of Refinitiv Benchmark Services.

Prior to joining Refinitiv in 2013, Flägel was managing director at IHS Markit where he managed the global index business. Flägel started his career at Dresdner Bank, now Commerzbank, holding various positions based in Germany and Chile. This developed his knowledge in international trade finance and private banking.

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Wohlenberg commented: “Stephan Flägel brings deep industry expertise, valuable management experience, and strong client relationships to Qontigo.

“As we embark on this important strategic growth phase for the newly combined STOXX and Axioma businesses as part of Qontigo, Stephan will drive the delivery of innovative index products and expansion of the STOXX and DAX footprints globally.”