UK – Deutsche Asset Management has named Peter Lees as head of UK equities, to replace John Wood who left earlier this month.

“Based in London he will be responsible, with immediate effect, for investment policy and strategy for DeAM's 22-strong UK equities business stream,” the firm said. He has worked at DeAM since 1992. Wood left to join Artemis, a DeAM spokesman said.

Lees will report to Karl Sternberg, chief investment officer for Europe and Asia-Pacific. He will work alongside Alastair Cuming, business head of the UK equities “business stream”.

Lees will continue in his roles as head of strategy, lead investor of the UK Alpha Fund, and with his pooled fund responsibilities.

"I am pleased that Peter has agreed to become head of UK equities, the business stream which manages one of our most important books of business,” said Sternberg.

“Peter has a proven track record, the full support of the senior management and UK investment professionals and, as a respected investment thinker is well positioned to address the performance issues of his new team.”

“Of the candidates we interviewed, both internal and external, he was our first choice,” said Paul Berriman, chief executive of DeAM in the UK.

Lees said: "My first priority is to bring stability to the team and hope that my appointment will reassure those on whose behalf we invest that they have made the right decision to place their trust, and assets, with us.”