GLOBAL – Deutsche Bank has named Kevin Parker as the member of its executive committee with responsibility for asset management, replacing Tom Hughes.
“Kevin Parker becomes head of asset management,” the Frankfurt-based bank said in a statement announcing a reshuffling of its executive committee. Parker is head of global equities at the bank.
Hughes is taking a leave of absence to deal with “pressing family matters that require his attention in the near term”. He remains on the executive committee.
Paul Manduca remains head of Deutsche Asset Management in Europe, a spokeswoman said.
Under the revamp, the bank’s corporate and investment bank would be co-headed by Michael Cohrs and Anshu Jain. Jain also becomes head of sales and trading.
Cohrs remains head of global corporate finance and also becomes responsible for global banking and transaction banking.
Private Clients and Asset Management will be jointly headed by Parker, Pierre de Weck and Rainer Neske. De Weck remains head of private wealth management and Neske remains head of private and business clients.
Juergen Fitschen becomes head of regional management worldwide and chairman of a new Germany management committee.
"These new responsibilities on the group executive committee will improve the service to our clients and will strengthen regional representation on the GEC,” said chief executive Josef Ackermann. “In Germany, we have created a platform which will coordinate delivery to our clients and further improve our service in our important home market.”