The asset management component of Deutsche Bank, DWS Group, has appointed Asoka Woehrmann as its new CEO, replacing Nicolas Moreau who will leave the firm at the end of 2018. Woehrmann will assume the new responsibility with immediate effect.

DWS supervisory board chairman Karl von Rohr said: “Asoka Woehrmann knows our company, our clients across the world and the asset management industry like the back of his hand.

Moreau has been CEO of  DWS since October 2016 and also headed the unit’s IPO earlier this year.

“Nicolas Moreau has performed a great service over the past two years by leading the transformation at DWS Group. We would like to thank him for resolutely driving the IPO and setting the course for future success,” Rohr noted.