Deutsche Bank's money management arm will become a stand-alone business division, following major changes at the banking group.
Deutsche Asset Management will be split out of the existing Deutsche Asset & Wealth Management unit, alongside a set of other changes affecting other parts of the group, effective Jan. 1, the bank announced in a news release Sunday.
The stand-alone money management business will “focus exclusively on institutional clients and the funds business,” said in the release. High-net-worth clients will be served by Private Wealth Management, a stand-alone business that forms part of the private and business clients division.
Michele Faissola, head of Deutsche Asset & Wealth Management, will leave the bank after a transition period, the news release said. Quintin Price will take on management board responsibility for Deutsche Asset Management, effective Jan. 1. Mr. Price was most recently head of alpha strategies and a member of the global executive committee at BlackRock. A spokesman for BlackRock could not be reached for comment by press time.
Other changes at the group include splitting the corporate banking and securities division into two business units. Effective Jan. 1, the group will create a corporate and investment banking division, made up of the corporate financial business from the CB&S division, and global transaction banking. The sales and trading activities of the CB&S division will be combined into a new division called global markets.
A spokesman for Deutsche Bank did not comment beyond the news release.