GERMANY - Munich Ergo Asset Management (MEAG) has appointed Günter Manuel Giehr as head of its global real estate operations.

He replaces the current managing director, Knut Riesmeier, who is leaving at the end of this month pursue other activities in the global real estate industry, MEAG said.

With some €12bn in real estate assets under management, MEAG's property division is the only real estate investment management team within the wider Munich Re group, the huge German insurance and financial services group that owns MEAG.

Giehr is already managing director at MEAG within its risk controls, back office and systems developments units, having joined MEAG in 1999 after various management positions in the German
insurance sector.

MEAG has €176bn in assets under management.