Michele Faissola, head of Deutsche Asset & Wealth Management (DeAWM), has pointed to two new appointments as evidence of the firm’s “total commitment” to institutional clients, at its annual press conference in London on Tuesday.
Faissola’s opening speech detailed DeAWM’s “one-bank” strategic restructuring over the past two years and focused on the global opportunity from high and ultra-high-net-worth individual clients.
The business, which manages around €1trn in assets worldwide, plans a 15% increase in ultra-high-net-worth relationship managers through new hires.
However, he emphasised that “liability-focused” institutions remained crucial to the firm’s business.
“The high-net-worth opportunity is very significant – it is a fast-growing segment, and it has a risk appetite that is higher than the institutional side of the market,” he conceded.
“But we manage more than €200bn for these clients, and we are totally committed to them.”
As evidence of this commitment, Faissola pointed to the new hire of J J Wilczewski from Aon Hewitt as co-head of the Global Client Group for the Americas to focus on institutional investors, and the appointment of co-CIO Randy Brown to the new role of head of the insurance and pensions solutions business in the UK.
Brown has previously worked as global head of Deutsche Insurance Asset Management, the world’s largest manager of non-affiliated assets for the insurance industry.
“Randy has been an excellent co-CIO, and I am delighted he will now turn his talents to leading the growth of our UK and IPS businesses,” said Faissola.
Asoka Wöhrmann will now take on the role of sole CIO.
Wilczewski will report to Dario Schiraldi, head of the Global Client Group, who said: “Deutsche Asset & Wealth Management is fully committed to serving the needs of institutional investors and their consultants.
“As one of the few firms that provide a full suite of solutions across multiple asset categories and investment disciplines, we have a compelling offering for institutions in the Americas.”