Wenzel Hoberg has been nominated as CEO at German institutional real estate fund business Triuva to replace Steffen Ricken, who is leaving at his own request.
Triuva, the €10 bn business formerly known as IVG Institutional Funds, announced the change on Thursday. The appointment has been put forward by Triuva's supervisory board and has to be approved by Germany's federal financial supervisory authority.
Hoberg has headed the European real estate investment drive by the €175 bn CPP Investment Board (CPPIB) since 2009. He has also worked at Unibail-Rodamco Germany, Commerz Real and PwC. Triuva said that Hoberg and CFO Irmgard Linker will together form the company’s new management duo.
Ricken is leaving Triuva at the end of February at his own request. Having previously worked at IVG Institutional Funds, Ricken rejoined as CEO and chairman in 2014 after spending a year with Zug-based Corestate Capital.
'The company owes Steffen Ricken a great deal of gratitude because in spite of all the challenges he and his team have succeeded in further stabilising the company, repositioning it and taking it back to the top of the market over the past year,' said Stefan Brendgen, chairman of Triuva's supervisory board.
Ricken was appointed CEO of what was then IVG Institutional Funds in February 2014 and was involved in the ongoing corporate restructuring of the fund manager due to the organisational changes at its parent company IVG Immobilien. 'After this arduous time, we can understand that Ricken is now pursuing different plans for his life and we wish him all the best for his personal and professional future,' Brendgen said.
