Nicolas Moreau has been appointed to lead Deutsche Asset Management, joining from French insurance group AXA, where he held a number of positions, including chief executive of its asset management arm AXA Investment Managers.
Most recently, he was in charge of AXA’s activities in France.
Effective October 1, Moreau is to succeed Quintin Price, who stepped down in June for health reasons after only a few months in the role.
Price, previously head of alpha strategies at BlackRock, joined Deutsche Bank’s asset manager in January after a management reorganisation that saw the company drop its previous name, Deutsche Asset & Wealth Management (DeAWM).
Price was named in September 2015 as replacement to Michele Faissola, DAWM’s inaugural and only head, after the German bank decided to abandon its use of the DAWM “super-brand” and hold onto the asset management business entities it was unable to sell.
Paul Achleitner, chairman of the board at Deutsche Bank, lauded Moreau’s “deep knowledge” of the asset management industry from both the “supplier and a client perspective”.
“In addition, he possesses a wealth of experience as a member of the management board of a complex, global financial institution, providing the ideal basis for further developing Deutsche Asset Management,” he said.
Deutsche Bank also appointed Kim Hammonds and Werner Steinmüller to the management board, effective 1 August.
Hammonds has been employed by Deutsche Bank since November 2013, while Steinmüller joined in 1991.
In October 2015, Deutsche Bank decided to split DeAWM, formed after Guggenheim Partners backed out of buying real estate business RREEF in 2012, into the private wealth management business, part of the private and business clients division.
The re-branded Deutsche Asset Management became a standalone business division, with an exclusive focus on institutional clients.
At the time, Achleitner said the changes had been some of the most fundamental in the company’s history.