GERMANY - Kevin Parker, Deutsche Bank's long-serving head of asset management, is to stand down from the group executive committee (GEC) at the end of May.

His departure will see a change in the committee's management structure, with Michele Faissola assuming responsibility for both asset and wealth management.

Head of private wealth management Pierre de Weck is set to leave the GEC at the same time as Parker.

Faissola has been with the company for 17 years, joining the over-the-counter derivatives business, progressing to oversee global derivatives trades and in 2003 being named global head of rates.

Parker, who joined the GEC in 2002, has previously worked at Morgan Stanley, where he served as head of equity derivatives for Asia and Japan, later being named managing director and becoming head of Asian derivates and global head of equity derivatives prior to joining Deutsche in 1997.

Last November, the German bank launched a review of its asset management business, with Guggenheim Partners recently revealed to be in "exclusive" talks to buy "the whole package", according to a spokesman.

A spokesman for Deutsche Bank confirmed to IPE that Parker would be staying with the company, but that he would no longer oversee the asset management division - with responsibility now ceded to Faissola.

He added that he was unable to say "at this point in time" what position Parker would now assume.