GERMANY – Deutsche Asset Management has appointed Klaus Kaldemorgen and Heinz Fesser to the new positions of global head of equities and fixed income, respectively.

DeAM said the new positions were promotions for Kaldemorgen and Fesser, who will remain managing directors at DWS, the retail fund arm of Deutsche Bank and sister company of institutional fund manager DeAM.

At DWS, Kaldemorgen, 52, is in charge of equity fund management and Fesser, 50, is responsible for bond fund management.

“These new appointments enable us to put their expertise with mutual and institutional business to use on global basis for DeAM,” said Kevin Parker, board member of Deutsche Bank responsible for asset management.

A DeAM spokesman added that the appointments further boosted the role of Frankfurt in terms of worldwide asset management.

Following the sale of DeAM in the UK a year ago, Deutsche’s asset management operations were centralised in Frankfurt, where Axel Benkner, chief executive of DWS and Parker’s de-facto deputy sits.

However, Parker and Roelfien Kuijpers, global head of DeAM’s institutional business, are both based in New York.

The appointments of Kaldemorgen and Fesser come just a week after Peter Roemer joined DeAM as its new head of European institutional business. Roemer, who reports to Kuijpers, was chief executive of Crédit Suisse Asset Management in Europe until March 2004.

Before joining DeAM, Roemer was on sabbatical.

Including assets that are administrated, DeAM in Germany had €89.5bn in institutional assets under management as of March 31.