Deutsche Bank’s head of private wealth management, Pierre de Weck, will stand down from the bank’s group executive committee (GEC) at the AGM on 31 May 2012.
In a reorganisation and expansion of the GEC, Michele Faissola will take a seat as head of a new division called asset and wealth management.
The division will include Deutsche Bank’s private wealth management business as well as its exchange traded funds business and the Deutsche Wealth Services (DWS) business in Germany, Europe and Asia.
The bank declined to comment on de Weck’s future after the reorganisation.
Private Banker International reported in the March issue comments from Deutsche Bank sources that de Weck may not hold a senior role after the reshuffle.
Kevin Parker, head of asset management, will also stand down from the GEC at the same date.
In February Deutsche Bank announced it was in exclusive negotiations with Guggenheim Partners over the sale of the majority of its asset management business.
The units being put up for sale included DWS Americas (the Americas mutual fund business) DB Advisors (the global institutional asset management business), Deutsche Insurance Asset Management; and RREEF (the global alternative asset management division).
The talks followed a strategic review of the bank’s asset management business, reported in November, which excluded only the DWS business in Germany, Europe and Asia, deemed to be a core part of its retail offering in those markets.
The bank said the review would be focussing in particular on how recent regulatory changes and associated costs in the competitive landscape were affecting the business and its growth prospects on a bank platform.