- Price to focus on his health, Chairman Achleitner says
- Bank to commence search for successor as asset management head
Deutsche Bank AG’s Quintin Price, head of asset management and a member of the board, is leaving after less than a year at Germany’s biggest bank.
Price asked to end his contract from June 15 after going on medical leave in mid-April, the Frankfurt-based lender said in a statement Wednesday. Jon Eilbeck, global chief operating officer and regional head of Asia Pacific at Deutsche Asset Management, will continue to lead operational responsibilities for the business until a successor is found, the company said.
“We are grateful to Quintin for his contributions to the bank and regret that he is unable to continue his efforts for Deutsche Bank,” said Chairman Paul Achleitner. “The supervisory board respects Quintin’s decision to focus on his treatment plan.”
Deutsche Bank hired 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 Chief Executive Officer John Cryan. The bank has been seeking to drive profit growth by tapping a larger share of wealthy individuals and institutional investors as stricter capital rules and global market turmoil erode revenue at the securities division, while record-low interest rates squeeze lending margins.
Revenue from asset management rose 16 percent to 3.3 billion euros ($3.8 billion) in 2015 from a year earlier, the company disclosed earlier this year, using new calculations. It had a 43 percent return on average tangible shareholders’ equity last year, the highest of the four units Deutsche Bank wants to keep, according to the filings. The business is the smallest measured by revenue.