A Paris-headquartered asset manager has welcomed a new investment chief within its alternative business.

Amundi has hired Heinrich Merz as the new chief investment officer of its alternative investments arm.

Based in London, Merz replaces Sylvie Dehove, who was CIO of the business since January 2013 and has now become head of market risk at the Amundi group.

Merz was previously co-deputy chief investment officer at Permal Investment Management Services. There, he sat on the firm’s investment committee and managed a number of funds, including hedge fund portfolios.

“This appointment confirms Amundi’s commitment to the expansion of its alternative business to meet investors’ demand for truly innovative, integrated and customised multi-management solutions,” said Pascal Blanqué, CIO of Amundi. 

Amundi had assets under management of more than €950 billion ($1.03 trillion) as of the end of September 2015. Of this, Amundi Alternative Investments managed around $7 billion in assets.

In November last year, Amundi raised €1.501 billion in its initial public offering on the Euronext stock exchange in Paris.