Barbara Knoflach is to become the global head of investment management at BNP Paribas Real Estate, following the sale of SEB Asset Management.

Knoflach will step down as CEO of SEB Asset Management, which is being acquired by Cordea Savills.

She will oversee the strategy for the European investment management arm, which two years ago acquired Germany’s iii-investments and has €20.3bn in assets under management. BNP Paribas Real Estate’s investment management business has offices in eight European countries.

Knoflach has been CEO of SEB Asset Management since 2005. Before that she worked as managing director of German subsidiary SEB Investment from 1999.

SEB Asset Management, which has 148 staff in Frankfurt and Singapore, has been selling assets from its €6bn German open ended funds as part of an ongoing liquidation process.