Dean Barr, global CIO at Deutsche Asset Management, resigned this week. Spokeswoman Missy DeAngelis said his departure was by mutual agreement. Mr. Barrs plans were not known and he could not be reached by press time. Tom Hughes, CEO for Deutsche Asset in the Americas, told employees in a memo that Mr. Barr is leaving to pursue entrepreneurial opportunities elsewhere.
Mr. Barrs role will not be filled directly. Regional CIOs will remain in place Andrew Fay for Asia/Pacific, Christophe Bernard for Europe and Leo Grohowski for the United States. Karl Sternberg, head of global equities and based in Deutsches London office, was appointed CIO for Europe/Asia-Pacific, overseeing the regional heads. Stephen Barrow, global head of equity research, will assume Mr. Sternbergs job as head of global equities.