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.
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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
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.