Joern Wasmund was named regional investment head for Europe, the Middle East and Africa at DWS.
Mr. Wasmund replaced Christian Hille, who left the company last year, a spokeswoman said.
Mr. Wasmund has been global head of fixed income at the firm since 2014. He will be replaced by Frank Engels, who will join the firm Oct. 1 and oversee DWS' €290 billion ($353.5 billion) fixed-income business.
Messrs. Engels and Wasmund will report to Stefan Kreuzkamp, head of the investment division, CIO and member of DWS Group's executive board, a news release said.
"I am very pleased that Joern Wasmund will assume overall responsibility for our investment platform in Europe," Mr. Kreuzkamp said in the release. "He is handing over a well-positioned fixed income group to Frank Engels — a challenging asset class for all fiduciary asset managers in the historically low interest rate environment we all currently face."
DWS had a total €820 billion in AUM as of March 31, with 44% of the total in Germany alone and a further 26% in EMEA ex-Germany, according to its website.
Mr. Engels will join from Union Investment where he was head of portfolio management. He will be replaced by Andreas Koester effective Sept. 1.
There will be no transition period as Mr. Engels may take the remainder of his vacation before his official departure date of Sept. 30, a Union spokesman said.
Mr. Koester will lead the money management team of 300 professionals, running about €306 billion in assets. He was CIO global asset allocation at UBS Global Wealth Management.