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Money Management

DWS Group names new CEO

Asoka Woehrmann was named CEO of DWS Group, immediately replacing Nicolas Moreau.

Mr. Woehrmann was also named a senior group director for the money management business at parent firm Deutsche Bank. He reports to Deutsche Bank CEO Christian Sewing, a news release said. A spokesman confirmed the changes. It could not be immediately learned why Mr. Moreau was departing.

Mr. Woehrmann was head of Deutsche Bank's private clients business in Germany. Until 2015, he was responsible for the entire money management business as global chief investment officer.

Mr. Moreau has been CEO of DWS Group, which has €692 billion ($800 billion) in assets under management, since Oct. 1, 2016. He oversaw changes to the firm's structure, management team and brand ahead of its initial public offering earlier this year. The firm was previously branded Deutsche Asset Management.

"We thank (Mr.) Moreau for his important contributions to the bank as a whole and to asset management in particular," Paul Achleitner, chairman of Deutsche Bank's supervisory board, said in the release. "Under his leadership, DWS was successfully floated on the stock exchange and the foundations were laid for growth. In (Mr.) Woehrmann we have appointed a senior group director who has a profound knowledge of both DWS and our private clients business. We are convinced that under his management the success story will continue at this business that is so important for our bank."