UK - Deutsche Asset Management, which manages 102 billion euros in European pension fund assets, has hired former Govett Investments deputy chairman John Murray as head of its investment trust business, to replace James Fox who is to retire.

The company said in a statement that Murray, formerly deputy chairman and managing director of investments at Govett Investments, has joined Deutsche as managing director of Deutsche Investment Trust managers Ltd.

He will report to Paul Berriman, chief executive of Deutsche Asset Management in the UK.

Berriman said: "This appointment reinforces our commitment to this business which we intend will play an increasingly significant role in developing the asset management franchise in the UK going forward.”

Deutsche Asset Management manages a total of 803 billion euros in assets.

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