Nicolas Moreau to Be Deutsche Bank's New Asset Management Head
July 28 2016 - 12:30PM
Dow Jones News
Deutsche Bank AG named a new head of asset management who will
join from French insurer AXA SA, succeeding an executive who left
the bank in June after less than six months, citing medical
reasons.
Nicolas Moreau will join Deutsche Bank's management board Oct.
1, after 25 years with AXA, where he most recently oversaw the
company's business in France, Deutsche Bank said in a statement
Thursday. Mr. Moreau, 51, also has served as chief executive of AXA
Investment Managers.
An AXA spokeswoman said Mr. Moreau left the insurer on June
30.
He'll be based in London, on an initial three-year contract. He
succeeds Quintin Price, a former BlackRock Inc. executive who
joined Deutsche Bank and the management board in January. Mr. Price
went on medical leave in April and left the company June 15.
On Thursday, Deutsche Bank also named two other current senior
executives, Kim Hammonds and Werner Steinmü ller, to its management
board effective Aug. 1, for three-year terms.
Ms. Hammonds, 49, is chief operating officer and oversees
technology and operations for Deutsche Bank. She joined the lender
in November 2013. Mr. Steinmü ller, 62, has been with the bank
since 1991, and was the longtime head of global transaction
banking. Earlier this month the bank announced he was nominated to
become chief executive officer for Asia Pacific. He will be based
in Hong Kong.
The three management-board appointments were decided by Deutsche
Bank's supervisory board at a meeting on Thursday. The management
board now has 11 members, including Chief Executive John Cryan.
Asset management generated €3.3 billion ($3.8 billion) in
revenue during 2015, making it the smallest of Deutsche Bank's four
main business divisions by that measure. But asset management is
valued for having steady revenues and a higher return on equity
than other divisions.
Paul Achleitner, Deutsche Bank's chairman, said in Thursday's
statement that Mr. Moreau's asset-management knowledge and
experience at another "complex, global financial institution" will
serve the bank well.
All four of Deutsche Bank's ongoing business divisions suffered
from revenue declines in the second quarter, a tough period for
Deutsche Bank. Its shares are down 47% this year, and its
investment bank and securities-trading division are struggling to
maintain market share as European investment banks broadly are hit
by political and economic turmoil and competition from stronger
U.S. rivals.
Deutsche Bank is seeking to cut costs, settle legal matters and
shrink its business in a bid to boost capital and meet stringent
new regulatory hurdles.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
July 28, 2016 12:15 ET (16:15 GMT)
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