Deutsche Bank asset management chief to leave executive committee

Kevin Parker, global head of Deutsche Asset Management, will step down from Deutsche Bank's group executive committee on May 31, the day of the bank's annual general meeting, according to a news release.

Pierre de Weck, the bank's head of private wealth management, will also step down on that date.

The changes come as Deutsche Bank's efforts to sell off its institutional and U.S. retail asset management operations might be entering its final stages. On Feb. 28, the bank announced that it had agreed to a period of exclusive negotiations with Guggenheim Partners, which had apparently emerged as the most serious bidder for the asset management operations the bank had officially put in play on Nov. 22.

In the news release, Josef Ackermann, chairman of the Deutsche Bank board and the committee, thanked Messrs. Parker and de Weck for their contributions and wished them both “all the best for the future.”