Luzerner Kantonalbank has appointed a new head of asset allocation, the bank has announced.

Stefan Angele will take over as head of asset management on 15 January and will be in charge of 20 employees.

He is a founder of an independent asset management advisory firm Excinam, which is based in the canton of Aargau.

During his career, Angele has previously served as head of multi-asset solutions and head of investment management at Julius Baer. Later he was also head of investment management at GAM.

He is succeeding Klaus Theiler who will retire in February 2018 after 35 years at the bank.

Theiler and his team developed three new strategies that use internet crowd voting for allocation: LUKB Expert-Ertrag, LUKB Expert-Zuwachs and LUKB Crowders TopSwiss.