German lender Deutsche Bank said that the chief executive of DWS, its asset management subsidiary, will step down next week.

The resignation of the Asoka Woehrmann comes a day after German authorities raided Deutsche Bank and DWS Group’s Frankfurt offices in connection with allegations that the company misled investors about “green” investments.

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Woehrmann, who has run the asset management group since late 2018, will be succeeded by Stefan Hoops, who is currently Deutsche Bank’s corporate bank head.

Hoops will assume his new role from 10 June 2022, according to a statement.

Deutsche Bank president and DWS chairman of the supervisory board Karl von Rohr said: “Under his leadership, DWS has expanded its market position and performed well in a recently challenging environment. We would like to thank him for this as well as for his contribution in previous positions, including in the private banking business in Germany.

“Asoka Woehrmann has played a major role in the success of our Asset Management in recent years.”

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In connection with the changes, the bank has named David Lynne to take over Hoops’ previous responsibility for the Corporate Bank.

Lynne, who is currently head of the Corporate Bank in Asia Pacific and responsible for the Fixed Income and Currencies business in the region, will become part of a group management committee as part of the move.

Deutsche Bank CEO Christian Sewing said: “Asset Management is and remains an important part of our business model. We are convinced that DWS will continue its success story under Stefan Hoops’ leadership.”

“The division is well positioned in a difficult market environment and well on track to achieve its targets. I am convinced that we will continue on this path and grow further in coming years under David Lynne’s leadership, both in Germany and globally.”