GERMANY -- The German arm of Fidelity Investments has further beefed up its new institutional fund business by poaching of a specialist for investment consultants from Deutsche Asset Management (DeAM).

The specialist, Bianca Salzer, holds a senior position in a Fidelity team headed by Klaus Mössle. Mössle joined Fidelity last July as managing director of its institutional business in Germany and Austria. He is also president of the European Asset Management Association.

Sources familiar with the situation said that as part of her job change, Salzer was promoted to the rank of director. At DeAM, where she worked together with Mössle, Salzer’s title was relationship manager for consultants.

A spokesman for Fidelity declined to comment.

The events reflect the US fund provider’s fast-growing ambition for Germany, especially its institutional market. Industry sources said that Fidelity plans to offer German institutional funds, or Spezialfonds, over the mid-term,

As a result of its first real foray into Germany’s institutional market, Fidelity expects to grow its institutional business by 20-30% annually.

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