Quintin Price, head of Deutsche Asset Management and a member of the management board, will leave the firm, said a statement issued by Deutsche Bank co-CEO John Cryan.
After taking a medical leave of absence in April, Mr. Price asked the company to end his contract effective June 15.
“After consulting further with his doctors, Quintin has now informed us that he will be unable to reassume his role and return to Deutsche Bank,” wrote Mr. Cryan in a letter to Deutsche Asset Management employees.
The supervisory board has begun to search for a successor to lead Deutsche Asset Management. In the meantime, Jon Eilbeck, global chief operating officer and regional head of Asia-Pacific at Deutsche Asset Management, will continue to lead operational responsibilities for the business. Meanwhile, Mr. Cryan will continue to represent asset management on the management board.
Mr. Price was a senior managing director and head of alpha strategies at BlackRock before taking on management board responsibility for Deutsche Asset Management in January.