Michael Philipp is resigning from Deutsche Bank as global head of asset management and wealth management services. Mr. Philipp, who resigned voluntarily, also was chairman of the private client and asset management operating committee.
As of April 1, Mr. Philipps responsibilities will be split into two new positions, said Ronald Weichert, Deutsche Bank spokesman. Thomas Hughes will be global head of asset management, and Pierre de Weck will be global head of private wealth management and chairman of the private client and asset management operating committee. Mr. Hughes was president and COO at Deutsche Asset Management; the company will seek a replacement for him, said Mr. Weichert. Mr. De Weck was CEO of UBS Capital but left the firm in July.
Mr. Philipp will remain a senior adviser at Deutsche Asset Management and the boards of its operations in the Mideast, North Africa and South Africa. He also will "pursue business interests outside the financial services industry, added Mr. Weichert.