Deutsche Bank AG, Germany’s biggest bank, appointed the management of its unit that invests in real estate and infrastructure seven months after scrapping a sale of the business.
The nine executives will report to Pierre Cherki, who leads the RREEF Alternatives division, Frankfurt-based Deutsche Bank said today in a statement. John McCarthy, head of RREEF Infrastructure, will leave Deutsche Bank as a part of the overhaul, according to the statement.
Deutsche Bank is counting on RREEF and other parts of its asset- and wealth-management unit, run by Michele Faissola, to help boost profitability by 2015. The businesses faced client money outflows last year as the company considered selling most of its asset-management operations to U.S. money manager Guggenheim Partners LLC before scrapping the deal in June.
Nadir Maruf and Hamish Mackenzie will replace McCarthy, Deutsche Bank said.
McCarthy had proposed a management buyout for RREEF Infrastructure, an idea rejected by Deutsche Bank, according to a person familiar with the matter who asked not to be identified because the discussions were private. McCarthy didn’t immediately respond to a voice message left on his mobile phone today.
Georg Allendorf will oversee real estate in Germany while Todd Henderson carries out that role for the U.S., Gianluca Muzzi for the rest of Europe and John Robertson oversees real estate and infrastructure securities, according to the statement. Theresa Gusman will be head of commodities, Michael Luciano chief operating officer, and Mark G. Roberts head of research and strategy, Deutsche Bank said.