Shakeup Continues Atop Deutsche Bank Fund Unit

Amid struggles to restructure its fund management operations, Deutsche Bank Asset Management (DAM) has lost a key senior manager.

Christoph Bernard, who served the chief investment officer of DAM Europe ex-U.K. and DAM Investment GmbH, is the latest in a string of high-level departure from the German firm's fund management unit, according to a report from Reuters. About 11 months ago, chief investment officer Karl Sternberg left DAM's London group and was replaced by Peter Harrison.

A DAM spokeswoman could not say whether Bernard had joined a competitor, or whether additional senior management changes were on the horizon.

Earlier this year DAM hired the British advisers Hawkpoint to assess the options for its U.K. institutional management group, which has suffered severe outflows. Analysts have pegged the losses at more than $700 million.

As part of the restructuring, Deutsche Bank's flagship DWS Germany fund group is assuming responsibility for the firm's mutual fund activities globally. Managers within the asset management unit are also being consolidated from London to the headquarters in Frankfurt, Reuters reported.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.