UK- Michael Philipp is stepping down as head of Deutsche Asset Management in what is the latest of a series of senior departures at Deutsche Bank. Philipp’s deputy Thomas Hughes is replacing him as head of asset management and, as a result of the reshuffle, becomes a member of Deutsche’s executive committee.

Pierre de Weck, former head of UBS Capital’s private equity arm, is taking over Philipp’s job as head of private wealth management but Philipp will continue to advise on Middle East and Africa strategies.

Elsewhere Neil Dunford, chairman of UK institutional business at Deutsche AM is retiring after seventeen years with the company. Dunford is leaving at the end of June when Paul Berriman, Deutsche AM’s chief executive in London, takes over. Simon Peck, Alastair Cuming and Mark Burgess will share Berriman’s current responsibilities.