Richard Glass was named managing director and U.S. head of small- and midcap value equities at Deutsche Asset & Wealth Management, effective in early September, confirmed Pholida Barclay, spokeswoman.
The position is new, Ms. Barclay said. Mr. Glass will be lead portfolio manager for the DWS Small Cap Value Fund, DWS Midcap Value Fund and DWS Small Midcap Value VIP variable annuity
Dreman Value Management had been subadviser for the three funds, according to prospectuses on DWS' website. Ms. Barclay would not say why the change was made.
Mr. Glass will report to Owen Fitzpatrick, managing director and head of equities for the Americas.
Mr. Glass was principal and co-founder of value equity manager Lockwell Investments; the firm has closed. Before that, he was lead portfolio manager on about $2.5 billion in small-cap and midcap value retail and institutional investments for Morgan Stanley Investment Management.
Also, Richard J. Hanlon and Mary C. Schafer joined the firm as directors and portfolio managers on the three DWS value funds, reporting to Mr. Glass.
Mr. Hanlon was a partner at value equity manager Glenville Capital Management. He left Glenville in mid-April, according to Glenville's website.
Ms. Schafer was a principal and co-founder of Lockwell Investments with Mr. Glass and before that was an executive director at Morgan Stanley Investment Management.