FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) said Jon Eilbeck was to be chief operating officer of its recently launched asset and wealth management business which has 900 billion euros ($1.2 trillion) investments under its control.
Eilbeck, formerly COO of the German bank’s global rates and commodities business, will report to Michele Faissola, head of the unit which was formed last week as part of a restructuring.
Faissola was formerly head of rates and commodities at the bank. The new business he heads will be overseen by a 21-member management committee which Deutsche Bank announced on Monday.
As part of a strategy overhaul unveiled last week, Deutsche Bank wants to more than double annual pretax profit at asset and wealth management to 1.7 billion euros by 2015, through integrating businesses it had tried to sell as recently as May with other investment operations previously run by the investment bank.
This includes integrating DWS Americas, the Americas mutual fund business, DB Advisors the global institutional asset management business, Deutsche Insurance Asset management, the global insurance asset management business, and RREEF the bank’s alternative asset management business.
These will be combined with passive and third-party alternative businesses previously managed from within the investment bank, such as exchange traded funds.
Reporting By Edward Taylor; Editing by Dan Lalor