Zurich Financial Services Group has appointed Bernard Joei as the head of Alternative Investments, with immediate effect.

Joei will also become CEO of Zurich Alternative Asset Management, replacing David Wasserman, who is retiring later in the year. He will report to Cecilia Reyes, chief investment officer, and will be located in New York.

Joei will be responsible for managing Zurich’s existing alternative investment portfolios. In addition, he will also be responsible for formulating and implementing Zurich’s global real estate strategy and will lead the global real estate organization.

Joei will join Zurich from Horizon21, where he was the chief investment officer and partner. Previous to that, he was the founder and CEO of Benten Capital, a global event-driven hedge fund. He was also the founder of Cathay Financial, which he ran for 15 years.