Asoka Woehrmann takes over as DWS head

Thursday, 25. October 2018 17:19

Deutsche Bank AG dismissed on Thursday Nicolas Moreau as chief executive of its asset management subsidiary, listed in Frankfurt seven months ago. Asoka Woehrmann will lead DWS Group Gmbh und Co. KGaA, formerly Deutsche Asset Management International GmbH, following a surge in outflows in the third quarter.

Moreau led the offshoot for more than two years and conducted the initial public offering. Germany's largest bank, which is struggling to break from the legacy of the financial crisis and subsequent issues, replaced chief executive John Cryan in April with Christian Sewing. Moreau was in Deutsche Bank's board and came to the new position from the supervisory board of DWS, which stands for Deutsche Gesellschaft für Wertpapiersparen, the division's first registered name.

The firm's results from the three months through September showed withdrawals of €2.7 billion, though assets under management increased by €5 billion to €692 billion.

Related Links: Deutsche Bank AGDWS Group GmbH & Co. KGaA
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