MutualFundWire.com: A $967B-AUM Multinational's Chief Resigns

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Wednesday, June 1, 2022

A $967B-AUM Multinational's Chief Resigns

The chief of a $967-billion-AUM (as of March 31), multinational asset manager is preparing to pass the reins next week.

Asoka Woehrmann
DWS Group
Outgoing CEO

Today, Karl von Rohr, president of Deutsche Bank and chairman of DWS Group's [profile] supervisory board, confirms that Asoka Woehrmann is resigning as CEO of DWS. Woehrmann will leave on June 9, and on June 10 Stefan Hoops will take over as Deutsche Bank's group asset management chief and as CEO of DWS. (Though DWS is publicly traded, Deutsche Bank owns an 80-percent stake in DWS.) The change puts a veteran banking executive in charge of the asset manager.

The shakeup comes after German police reportedly raided DWS' Frankfurt offices yesterday over accusations of greenwashing (i.e. falsely using sustainable or ESG labeling).

"We have continuously cooperated fully with all relevant regulators and authorities on this matter and will continue to do so," a DWS spokesperson told Bloomberg.

Today, von Rohr lauds Woehrmann for DWS' recent market position expansion. And Christian Sewing, CEO of Deutsche Bank, also shares his thanks for Woehrmann's "impressive work and performance."

"Asoka Woehrmann has played a major role in the success of our Asset Management in recent years," von Rohr states. "We would like to thank him for this as well as for his contribution in previous positions, including in the private banking business in Germany."

"Asset Management is and remains an important part of our business model," Sewing states. "We are convinced that DWS will continue its success story under Stefan Hoops' leadership."

Von Rohr adds that Hoops is "a proven capital markets specialist ... who brings the necessary strategic foresight, expertise in digitalisation and leadership skills for this role."

Woehrmann took over DWS back in 2018, a few months after its IPO. Prior to that, he led Deutsche Bank's private client business in Germany and served as DWS' global CIO. he joined Deutsche in 1998 and is an alumnus of the University of Bielefeld and of Otto-von-Guericke University of Magdeburg.

Hoops, too, is a longtime Deutsche Bank veteran. He currently serves as head of Deutsche's corporate bank, a job that will be taken over by David Lynne (who leads the corporate bank in Asia Pacific).

Since joining Deutsche in 2003, Hoops has served in a variety of leadership roles in fixed income, trading, and banking. He is an alumnus twice over of the University of Bayreuth.

Printed from: MFWire.com/story.asp?s=64457

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