Three senior executives will leave DWS Group as part of a restructure of the money management firm, a spokeswoman confirmed.
Pierre Cherki, co-head investment group; Robert Kendall, co-head global coverage group; and Nikolaus von Tippelskirch, chief control officer, will leave the €700 billion ($777.1 billion) money management firm July 1.
Mr. Cherki was responsible for the alternatives business, including real estate and infrastructure portfolio management activities. Responsibility for the alternatives business will be taken on by Mr. Cherki's co-head for the investment group, Stefan Kreuzkamp, who remains in his role as global CIO and will now lead the investment division; and CEO Asoka Woehrmann.
"Given the strategic relevance of the alternatives space, Stefan and Asoka will share responsibility for that business," the spokeswoman said.
Mr. Kendall was responsible for sales management and sales oversight for the Americas and was regional head of Americas. Mark Cullen will take over the regional head of Americas and CEO of DWS Americas roles, the spokeswoman said. Mr. Cullen is also chief operating officer at the firm.
Mr. Kendall was co-head of global coverage group alongside Dirk Goergen, who takes on all client coverage responsibilities and consolidates all the firm's global distribution teams into one unit.
Mr. Von Tippelskirch will not be replaced, the spokeswoman added. The control units will move to the COO division, a news release said.
The departures follow a restructuring of the executive board, which shifts to global investment and client coverage divisions rather than siloed units, the news release said. The client coverage division will be "globally aligned yet regionally suited," and DWS will also establish a "product division that will be fully responsible for the entire product life cycle across the firm." Manfred Bauer will lead that unit. He was DWS' regional head of EMEA, and head of corporate strategy and transformation. A replacement for the corporate strategy role will be announced in due course, the spokeswoman said.
Mr. Woehrmann will continue as CEO, leading the executive division. He will also represent the Asia-Pacific region on the executive board.
Claire Peel remains chief financial officer and is responsible for the entire business in Europe, the Middle East and Africa as regional head.
"This new organizational structure marks another significant milestone for DWS," Mr. Woehrmann said in the news release. "It allows us to thrive with three strong business lines in alternatives, passive and active; three client segments in wholesale, institutional and insurance; and across all three regions worldwide. Through our globally integrated divisions ... we will remain decisive and nimble in order to continue our success in the future."
The three executives are the only departures due to the change in structure, the spokeswoman added.
