The asset management business of US-based financial services company State Street has made a senior appointment in Switzerland.

State Street Global Advisors has hired Bernhard Wenger as head of SPDR exchange-traded funds in Switzerland.

Wenger previously spent five years at ETF Securities, where he was latterly head of European distribution. He has also held senior roles at Morgan Stanley, HSBC and BNP Paribas.

In his new role, Wenger will lead business development and sales of SPDR ETFs in Switzerland, which listed 16 ETFs on the SIX Swiss exchange last year. Based in Zurich, he will report to Alexis Marinof, the firm's head of SPDR ETFs in Europe, the Middle East and Africa, and Stan Hlad, head of SSGA Switzerland.

“With more than 15 years of experience in the financial industry, including senior positions among renowned ETF providers, he brings a depth of knowledge, which further supports our presence amongst institutional and wholesale investors in Switzerland,” said Marinof.

“With increasing inflows into passive management, the ETF market is more dynamic than ever and Bernhard’s appointment is part of our continued dedication to this market across all client segments. It remains a major focus of our 2016 strategy.”

State Street Global Advisors, which had $2 trillion of assets under management as of the end of 2015, currently offers 66 of its 78 ETFs on the SIX Swiss exchange.