Quintin Price, head of Deutsche Asset Management, is to take medical leave from the company after only a few months in his role.
Price, previously head of alpha strategies at BlackRock, where he was also a member of the global executive committee, only joined Deutsche Bank’s asset manager in January after a management reorganisation that saw the company drop its previous name, Deutsche Asset & Wealth Management (DeAWM).
In a note circulated to staff, co-chief executive John Cryan said Price had informed the company last week that he required a period of medical leave.
Cryan said the unspecified treatment would “necessitate [Price’s] full-time focus for the foreseeable future”.
“Quintin has built a strong executive committee composed of colleagues with many years of experience in serving clients and operating our asset management business,” Cryan added.
He said that, in Price’s absence, global COO and regional head for Asia-Pacific at Deutsche Asset Management Jon Eilbeck would take over his managerial responsibilities and sit on the bank’s management board representing the asset management business.
Price was hired in September to replace Michele Faissola, DAWM’s inaugural and only head, after the German bank decided to abandon its use of the DAWM “super-brand” to hold the asset management business entities it was unable to sell.
DeAWM declined to comment.