Deutsche Bank AG has shaken up the senior leadership team of its asset management arm, ahead of its plan to list a minority stake in the division, the Financial Times reported Oct. 5.
Pierre Cherki and Stefan Kreuzkamp, who serve as Deutsche Asset Management's head of alternatives and chief investment officer, respectively, will now co-head the investment unit within asset management, according to the FT. Meanwhile Reinhard Bellet, who serves as head of passive investment products, will leave in 2017.
Bellet's departure has come as a surprise to observers, the FT said, as he is responsible for the exchange traded fund operations that have performed well in 2017, attracting $6.4 billion in new business globally in the first eight months, according to data from consultancy ETFGI.
Meanwhile, the head of Deutsche Asset Management, Nicolas Moreau, said the unit was looking to create a global integrated investment platform to combine its active, passive and alternatives capabilities. He has launched a single global coverage group that will work with large clients, the FT said. Robert Kendall and Thorsten Michalik will lead the group.
Kendall currently serves as Deutsche Asset Management's head of Americas, while Michalik works as head of client coverage for in Europe, the Middle East and Africa, as well as Asia Pacific.