Asoka Woehrmann, chief executive officer of DWS Group, has decided to resign, the asset manager announced in the wake of raids on its offices in Frankfurt on greenwashing suspicions.

Stefan Hoops, previously head of the corporate bank at Deutsche Bank, will take over as chief executive officer with effect from 10 June, the day after DWS’s annual general meeting.

Yesterday officials from the public prosecutor office in Frankfurt, the supervisory authority BaFin and the German federal criminal police searched the offices of the asset manager and those of Deutsche Bank. The raid is in connection with an investigation into potential prospectus fraud related to misleading information about the consideration of sustainability criteria in investments.

Woehrmann is stepping down as CEO at DWS in agreement with the company, Deutsche Bank said in its statement.

According to a report in the Frankfurter Allgemeine Zeitung (FAZ), in an internal letter sent to DWS employees, Woehrmann emphasised that it was his own decision to step down as CEO.

In a statement issued by DWS, Woerhmann said he had always dedicated his entire energy to the benefit of DWS, most notably since returning as CEO in 2018.

“Today, after the three most successful years in its history, DWS is significantly more profitable, is stable and has continued to perform well in a difficult market environment,” he said.

“At the same time, the allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me. In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.”

Karl von Rohr, president of Deutsche Bank and chair of the supervisory board of DWS, said he had “great respect” for Wohermann’s decision to resign, describing it as “a testament to his sense of responsibility”.

Hoops will step down from his role as head of corporate banking at Deutsche Bank when takes over the top management position at DWS.

He has served at Deutsche Bank for the past 19 years, including the last three year as head of corporate banking. David Lynne, currently head of corporate banking in Asia Pacific and responsible for the region’s fixed income and currency businesses, will succeed Hoops in his role.

Lynne will also become a member of the management board.

“Asset management is and will remain an important part of our business model,” said Christian Sewing, CEO of Deutsche Bank. “We are convinced that DWS will continue its success story under the leadership of Stefan Hoops.”

Earlier this year the FT reported that Deutsche Bank was investigating a €160,000 payment made by a client to Woehrmann when he was head of the lender’s private client business. The newspaper said the executive had said the transfer was part of a failed attempt to buy a Porsche.

The latest digital edition of IPE’s magazine is now available