Stefan Kreuzkamp will step down as head of DWS Group's investment division at the end of the year and will leave the manager "by mutual agreement," the firm said Nov. 24.
Mr. Kreuzkamp has been at DWS for 24 years and has held roles including portfolio manager, head of the fixed income and money market fund business and CIO Europe. He became global CIO and head of the investment division in 2018.
Mr. Kreuzkamp agreed to a DWS request to prematurely terminate his contract, which had been due to run to the beginning of 2024, to make room for the firm's previously announced new management team, a news release said.
In September, DWS and Mr. Kreuzkamp made changes to the investment division, which saw him relinquish his global CIO title. Bjorn Jesch was named global CIO, Fiona Bassett became head of a newly created systematic solutions and implementation platform and Vincenzo Vedda was appointed to lead the active division — a combination of DWS' active equity and fixed-income units.
Following his departure, the CIO and asset class officers at the firm will report directly to CEO Stefan Hoops.
Details on Mr. Kreuzkamp's future plans could not immediately be learned. Further information on Mr. Kreuzkamp's departure was not immediately available.
"Stefan Kreuzkamp has played a decisive role in the success of DWS in recent years, especially since the IPO in 2018," said Karl von Rohr, chairman of DWS' supervisory board. "He has brought together DWS' outstanding expertise in all asset classes into a powerful investment division."
DWS had €833 billion ($873.7 billion) in AUM as of June 30.