Deutsche Bank’s Management Board is expanding the Group Executive Committee from 12 to 18 members, effective June 1.

Current GEC members Kevin Parker, Head of Asset Management, and Pierre de Weck, Head of Private Wealth Management, will stand down as GEC members, on May 31, 2012, the day of the Annual General Meeting.

Josef Ackermann, chairman of the Management Board and the Group Executive Committee of Deutsche Bank, said: “Together with my colleagues, I am deeply grateful to Pierre and Kevin for their longstanding service to our bank and their outstanding contributions to its success. Pierre has built a world-class Private Wealth Management. Kevin has greatly developed our Asset Management over the years and turned it into an increasingly profitable business. I wish both all the best for the future.”

Hung Tran writes for Money Management Executive.