There were always likely to be senior staff departures following Deutsche Bank’s move in September to merge its asset- and wealth-management arms – and so it has proved.
Andrew Kwek is leaving his post as Singapore chief executive of Deutsche Asset Management and Asia head of sales for DWS, the firm’s retail business. His last day will be March 31.
It is understood that the move is a result of the forming of Deutsche Asset & Wealth Management (DeAWM) and that Kwek will not be directly replaced. The headcount is expected to be filled, but the role will have changed, say sources.
He had reported to Rajan Raju, CEO of DWS Investments for Asia and global head of DWS Solutions at Deutsche Bank in Singapore.
As one recruiter notes, "the wealth management guys rule the roost [at DeAWM] now". Ravi Raju has taken over as Asia-Pacific CEO of the unit; he was formerly regional head of the wealth business.
Deutsche declined to comment on Kwek’s departure or whether there would be other departures or role changes as a result of the restructuring. Kwek also declined to comment for this story, and AsianInvestor could not ascertain what his next move might be.
He is on the council of the Hospice Care Association in Singapore and the chair of its fundraising committee, so for the time being at least will still be involved gathering assets, but for a different cause.
Sources familiar with Kwek suggest that after 32 years in the finance industry, he is unlikely to be in a rush to make his next move and will probably take stock before making a decision.
He had joined the company in November 2005 with 24 years of working experience in the finance industry. Before that, he was executive director at the Investment Management Association of Singapore. Prior to that, he served as managing director for Morley Fund Management (Singapore).
Kwek began his career with BNP Paribas Asset Management in 1995 after 14 years in treasury activities with investment banks including BNP Capital Markets, Credit Suisse First Boston, San Paolo Bank, Continental Bank and Overseas Chinese Banking Corporation.
The DeAWM integration combines the bank’s active, alternative and passive AM activities, as well as its retail and institutional distribution functions.
As part of the merger, Deutsche Bank will largely dispose of the brands grouped under the new division, including retail business DWS, exchange-traded funds unit db X-trackers, institutional arm DB Advisors, DB Private Equity, Deutsche Insurance Asset Management and alternatives division RREEF. The bank brought the brands under one business in September during the restructuring process.
However, the db X-trackers brand will not disappear completely; it will not be used for the entire business in future, but is retained for individual ETF products.
Other banks have recently also made moves to combine their AM and wealth businesses, most notably Credit Suisse late last year.