Deutsche Asset Management of New York has consolidated the marketing and sales divisions of the mutual fund businesses of Deutsche Funds, Bankers Trust, BT Alex. Brown and Morgan Grenfell under Deutsche Asset Mangement.
Jim Grifo, formerly an executive vice president with Morgan Grenfell, has been named executive vice president of Deutsche's asset management division.
Grifo said the 43 people who had worked in the various divisions in New York, Philadelphia and Baltimore will remain in their respective locations and that over the next 60 to 90 days there may be some re-assignments. However, there will be no layoffs, he said.
"If anything, we are growing the business," he said.
The new division will now focus on financial intermediaries in three channels - wirehouses and regional firms, registered investment advisors and financial planners and third-party distribution through defined contribution plans, banks, sub-advisory accounts and variable annuities.
Before the reorganization, "Deutsche was attacking wirehouses, while Grenfell went after registered investment advisors and financial planners, and Alex Brown did a little of both," said Grifo.