Deutsche Bank's Price Keeps Faissola Lieutenants in Fund Teamby
Lender's new asset-managment head seeks to simplfy business
Bank leaning on investment unit as counterweight to trading
Deutsche Bank AG’s head of asset management, Quintin Price, named several of predecessor Michele Faissola’s lieutenants to key roles in running the newly-created division.
Jon Eilbeck, who was chief operating officer of the former combined asset and wealth management unit, will hold the same role in asset management, while Reinhard Bellet will remain as head of passive investments, Price wrote in a memo to staff obtained by Bloomberg and confirmed by the company. Pierre Cherki will be head of alternatives, while Stefan Kreuzkamp, who was chief investment officer of the former entity, will represent the “CIO view” as head of active, Price wrote.
Deutsche Bank is increasingly relying on asset management as stricter capital rules make its sometimes volatile trading businesses less profitable. The company decided to split up its combined asset and wealth management units last year to allay any regulatory concerns that affluent customers weren’t being given sufficient access to services offered by other investment firms.
“We have looked to simplify the business and consolidate roles wherever possible,” Price said in a memo to staff obtained by Bloomberg and confirmed by a spokeswoman on Wednesday in Frankfurt. “Our aim is to create a closer sense of collaboration and alignment.”
Other appointments include Stephen Shaw as divisional control officer and Tarun Nagpal as head of solutions. Bob Kendall will oversee retail distribution in the Americas and Thorsten Michalik takes that role in Europe, the Middle East and Africa as well as the Asia Pacific region, according to the memo. Yves Dermaux will be head of trading and product management while Jerry Miller will represent the Americas, Price told staff.