Deutsche Bank AG said Quintin Price, who leads the company’s asset management business, has taken medical leave.
Jon Eilbeck, global chief operating officer and regional head for Asia-Pacific at the asset-management unit, will cover Price’s “operational responsibilities” during his absence, co-Chief Executive Officer John Cryan said in a note to staff published on the bank’s website on Monday in Frankfurt. Cryan will represent asset management on the executive board, according to the statement.
Deutsche Bank appointed Price, 54, a former BlackRock Inc. executive, as head of its newly created asset-management business last year as part of a wider overhaul announced under Cryan. The company is seeking to drive profit growth by tapping a larger share of wealthy individuals and institutional investors as stricter capital rules, global market turmoil and cooling emerging markets erode revenue at the securities division.
“Quintin’s treatment plan is still being finalized, but it will necessitate his full-time focus for the foreseeable future as he undergoes further tests and consultations,” Cryan said.