DWS is to shake up its lineup of European equities following the departure of longstanding manager Tim Albrecht.
Albrecht, who has been with the firm since 2000, is to hand over the management of his premier fund, DWS Deutschland, to Marcus Poppe, head of investment strategy, equity. It is unclear what is next for Albrecht.
Poppe, who already manages several DWS funds, is also set to take control of the broader European equities team alongside Philipp Schweneke from March onwards.
Poppe will hand over his deputy portfolio manager on the €20.2 billion DWS Top Dividende fund, with Madeline Ronner and Jarrid Klug becoming deputy portfolio managers. The fund is currently headed by Thomas Schüssler.
Ronner will also assume Poppe’s roles on both the DWS Smart Industrial Technologies fund and the DWS Invest ESG Smart Industrial Technologies funds.
The move away from DWS marks Albrecht’s second move away from the German asset manager.
He decided to quit in 2018 but quickly reversed course following the appointment of CEO Asoka Woehrmann.
Current DWS CEO Stefan Hoops has been quick to revamp the upper ranks of the asset manager following his arrival in June. Former CIO Stefan Kreuzkamp and COO Mark Cullen are amongst the individuals who have been replaced in recent months.
Hoops today said the firm would be rightening its internal policies in the wake of its ongoing greenwashing scandal. He also said he could not rule out the possibility of the company paying fines to authorities but that the firm was being “fully transparent” in sharing requested information with the authorities.
DWS recently reported a 23% drop in its net profit for 2022, falling to €599 million, with outflows of almost €20 billion.
© 2023 funds europe
