US- Global chief investment officer at Deutsche Asset Management Dean Barr is leaving after only three years with the bank in order to “pursue entrepreneurial opportunities outside the firm.”
Barr joined DEAM as chief investment officer in 1999. His departure was “mutually agreed upon” by Barr and Deutsche Bank’s asset management division, headed by Tom Hughes.
A global investment committee will now oversee DEAM. Christophe Bernard will act as CIO of Europe, Leo Grohowski will cover the US while Karl Sternberg is looking after what Deutsche describes as a European and Asian package.
The news will fuel the recent controversy surrounding the considerable down-sizing of Deutsche’s operations. Last month chief executive Josef Ackermann stated that several non-core business units would be sold. Those units pinpointed were passive asset management, insurance, global securities services and French banking activities.
Deutsche is also rumoured to be selling its custody division, which, with around $3.7trn in assets under custody, ranks it fifth globally. When the news of the sale emerged, several of Deutsche’s peers expressed concerns that the German bank was failing to cope with the Bankers Trust merger.