Pope Names Former Invesco Manager for Vatican Bank in Revamp
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Jean-Baptiste de Franssu, the former head of Invesco Ltd.’s European business, was named president of the Vatican Bank as Pope Francis continues reorganization of the Catholic Church’s scandal-tainted financial operations.
Franssu replaces Ernst von Freyberg, a holdover from Francis’s predecessor, Benedict XVI, at the head of the Institute for Religious Works, or IOR, as the bank is known. Under the 51-year-old Frenchman, the IOR will shift more of its 6 billion euros ($8.2 billion) in client funds into asset-management products and push for increased transparency.