Louis Hagen is to leave the association of German Pfandbrief banks (VDP) to join Münchener Hypothekenbanks board of managing directors. Hagen is executive director at the VDP, and is known for his spirited and often eccentric promotion of the Pfandbrief at various covered bond events around the world. Hagen was also chairman of the European covered bond council between 2004 and 2007. His departure follows Henning Rasches decision to leave the board of Eurohypo to concentrate on his role as president of the VDP. Hagen is succeeded by Jens Tolckmitt, general manager of the association of foreign banks in Germany.