Allen & Overy (A&O) has elected Frankfurt-based banking partner Peter Stenz as its new German managing partner, the magic circle firm announced today (4 July).

Stenz replaces Hamburg corporate partner Cornelius Fischer-Zernin in the management role, with Fischer-Zernin stepping up to become German senior partner.

A&O's current German senior partner, Neil Weiand, decided not to stand for re-election but will continue to serve on the firm's nine-member management board, a position he has held since last year.

Both Fischer-Zernin and Stenz will serve three-year terms in their new roles, commencing on 1 September, 2007.

The beginning of the duo's tenures will coincide with the official launch of the firm's new office in Duesseldorf. A&O this week confirmed it has hired former Freshfields Bruckhaus Deringer local chief Thomas Austmann to spearhead the office, which will be the firm's fourth in the jurisdiction alongside bases in Frankfurt, Hamburg and Mannheim.