UK – Deutsche Asset Management, the second largest manager of European pension assets, is set to unveil the heads of its planned seven new UK investment teams soon.

DeAM is reorganising into teams to cover UK equities, global equities, fixed income, multi-assets, hedge funds, property and retail funds. “We are planning that announcement shortly,” said DeAM spokesman Mark Pursey. “There are no external appointments.”

Each team would have profit and loss responsibility. No jobs were seen going “in the first instance”. Headcount going forward would depend on performance, P&L, the types of mandate won and the state of the market, Pursey said.

The revamp was “driven by the UK investment marketplace” and would not affect other locations.

The move was a response to client demand to have asset run by different specialist managers. Pursey denied reports that the firm was running down its balanced business.

DeAM has 104 billion euros in European pension fund assets under management.