Deutsche Bank names new asset management chief

Deutsche Bank has appointed industry veteran Nicolas Moreau to head of asset management on its management board. Moreau joins from Axa, where he served for 25 years. He became chief executive officer of Axa Investment Managers in 2002, and in 2007 took over the leadership of Axa’s UK and Irish arms. He returned to France in 2010 to lead Axa France, where he was most recently chairman and CEO. He also oversaw Axa Global Direct and AXA Partners. Based in London, Moreau succeeds Quintin Price, who was appointed by Deutsche Bank last year to oversee a significant restructuring that split the group’s asset and wealth-management divisions. He took a leave of absence on health grounds in April this year, and it was announced he was stepping down permanently from the role in June. During his absence, Price’s role was covered by Jon Eilbeck, the asset management division’s global chief operating officer. Deutsche Bank manages assets of €755 billion as of March 31 2016. The group’s asset management arm is the smallest of its four primary business units by revenue, but offered the highest return on equity in the previous quarter. The division generated €3.3 billion in net revenue last year, a year-on-year increase of 16%. ©2016 funds europe

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