Deutsche Bank has split its asset and private wealth businesses fewer than three years after unveiling its new “super-brand” after abortive talks to sell part of the business.
In a statement, the bank said a number of its divisions would be reorganised in line with its new Strategy 2020.
Deutsche Asset & Wealth Management (Deutsche AWM), formed after Guggenheim Partners backed out of buying real estate business RREEF in 2012, will be split into the private wealth management business, part of the private and business clients division.
The re-branded Deutsche Asset Management is set to become a standalone business division, with an exclusive focus on institutional clients.
Paul Achleitner, chairman of the company’s supervisory board, said the changes were some of the most fundamental in the company’s history.
“This also requires tough decisions,” he added. “I would like to stress all parties involved have tried to achieve the best possible outcomes for Deutsche Bank, having set aside personal interests.
“For this, and for their contributions in the past years, we would like to thank those executives leaving the company.”
The reorganisation will see the four new divisions each represented at board level, with Quintin Price, formerly head of alpha strategies at BlackRock, joining to take on board responsibility for the new asset management division.
Michele Faissola, who has headed DAWM since its creation, will leave the company “after a transition period”, according to a statement.