Deutsche Bank Replaces Asset Management CEO
Asoka Woehrmann has been appointed Chief Executive Officer of DWS Group with immediate effect. At the same time, the Supervisory Board of Deutsche Bank AG has appointed him as a permanent Senior Group Director (“Generalbevollmächtigter“) for the asset management business. Woehrmann will be assuming tasks previously performed by Nicolas Moreau, who will cease to be a Managing Director of DWS Group at the end of the year.
Woehrmann spent many years in a variety of global leadership roles at the Frankfurt-based asset manager. Up until 2015, he was responsible for the entire fund management platform up as global Chief Investment Officer. Asoka Woehrmann moved from DWS Group to Deutsche Bank’s Private & Commercial Bank (PCB) that year to head the Private Clients business in Germany. During his time at PCB, he was part of Christian Sewing‘s and Frank Strauß’s senior leadership team responsible for transforming the private clients business as well as integrating Postbank into the bank. Woehrmann has been a member of the Supervisory Board of DWS since the partial IPO of DWS Group. His membership will cease with immediate effect.
In his first message to employees across the globe, Woehrmann wrote today that the IPO had laid the foundation for the future success of the business. At the same time, he reminded staff that in a challenging market environment, work had to continue with the same intensity, saying DWS „needs to show how our asset management business adds value. We can be proud that we have the necessary tools to achieve this: our global talent pool, broad expertise and our wide range of products.“
Karl von Rohr, Supervisory Board Chairman of DWS Group said: “Asoka Woehrmann knows our company, our clients across the world and the asset management industry like the back of his hand. This makes him an excellent choice to secure the global, sustained success of the DWS Group. The Supervisory Board of DWS Group is looking forward to working together with the new CEO.”
Expressing his thanks to the outgoing CEO for all his work, von Rohr said: “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.”
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