State Street Global Advisors (SSGA) has appointed Markus Weis as the country head for Germany for SPDR replacing Stefan Kuhn who joined Fidelity International in March.
Weis (pictured) joins from Vanguard where he was deputy county head for Germany and Austria and will be responsible for leading the business development efforts in the region.
Based in Frankfurt, he will report to Matteo Andreetto, head of SPDR EMEA at SSGA.
Prior to his four-year stint at Vanguard, Weis spent eight years at Goldman Sachs Asset Management, most recently as head of third-party distribution for Germany and Austria.
He also spent over five years at Fidelity as sales manager for their bank distribution.
Commenting on the appointment, Andreetto said: “We welcome Markus to the firm, his knowledge and experience will be valuable to the existing team, as well as bringing a wealth of experience to the SPDR German distribution and business development efforts.”
Weis departs Vanguard at a time when the asset manager was making inroads into the European market, having launched its index fund investment service in Germany in February.
The world’s second-largest asset manager saw €3.2bn inflows over the second quarter of 2022 despite a period of heightened volatility across markets, taking its European ETF range to €77.4bn assets under management (AUM), according to data from Bloomberg Intelligence.
Germany has become a key battleground for ETF issuers, with the number of people making monthly contributions to ETF saving plans in the country projected to hit 20 million by 2026, according to BlackRock.