Romania-based Raiffeisen Asset Management (RAM) has appointed Razvan Szilagyi as new general director, effective January 2015, replacing Mihail Ion.

Szilagyi currently serves as director of sales in the Treasury Division at Raiffeisen Bank, while Ion will remain chairman of the company’s Board of Directors.

Also, Ion will assume the role of the Direction for Medium Companies and Public Sector within the corporate banking division.

Szilagyi, who worked with Raiffeisen for 11 years, is also a member of CFA Romania, after obtaining the CFA authorization in 2006.

Ion, who joined Raiffeisen Bank in 2002 as a chief-economist, also headed the Management of Assets department and has been RAM’s general manager since its inception. He is also the president of CFA Romania.

Raiffeisen Asset Management now manages assets worth €1.2bn in Romania.