UK-listed Aberdeen Asset Management has bolstered its Benelux business development team with the appointment of Christophe Palumbo as business development manager.

In his new Luxembourg-based role Palumbo will be responsible for developing Aberdeen’s relationships with institutions such as insurance companies, banks and asset managers in the Netherlands, Belgium and Luxembourg. Aberdeen currently runs some €12 billion ($16.9 billion) in assets for clients in the Benelux region.

Palumbo joins Aberdeen from Carmignac Gestion, where for the past four years he had been based in the firm’s Luxembourg office, first as client relationship manager for the Benelux and Nordic countries and then as sales executive for the Belgian market.

In other recent hires, at the end of July Aberdeen added Ben Pakenham - latterly of Henderson Global Investors - to its high yield bond team as portfolio manager and credit analyst. In his new role Pakenham focuses on credit research while helping to manage the group’s range of high yield portfolios.