Sal Oppenheim, the Cologne-based private bank, has appointed Dr Martin Moryson as its new chief economist.

He replaces Norbert Braems, who is stepping down from the position on 1 July, but will stay at the bank in an advisory role.

Dr Moryson was most recently responsible for the conceptual design, structure and specialist management of the corporate advisory business area at HSH Nordbank, a commercial bank in northern Germany. Before that, he worked as an advisor for institutional investors at FERI Institutional Management and was in charge of empirical research and econometric analysis in the German Council of Economic Experts.

Dr Moryson will start in January next year, and Frank Hübner, the deputy head of the bank’s economics department, will assume responsibility on a temporary basis.

This latest developments at Sal Oppenheim comes hot on the heels of last month’s appointments of Dr Wolfgang Sawazki as head of private banking portfolio management and Dr Sönke Siemßen as head of the bank’s recently-created bond portfolio management unit.

Sal Oppenheim is now a dedicated wealth manager but used to be a full-service bank that suffered during the financial crash in 2008. Since 2010, it has been owned by Deutsche Bank, Germany’s biggest lender, and it became profitable once again last year.