Deutsche Continues Management Shakeup

Hughes will replace Michael Philipp, former head of asset management and wealth management services, who will continue to serve at the bank, Germany’s biggest, in an advisory capacity.

Philipp resigned earlier in the year as part of a management overhaul that occurred after pre-tax profit at the German bank’s asset management business fell by more than half in 2001.

Hughes, who joined the group in 1995 and has been instrumental in setting up its sales and trading division, has also been appointed to the Deutsche’s group executive committee.

The bank also named Pierre de Weck as global head of private wealth management and appointed him to its group executive committee.

De Weck was a member of the group executive board of rival UBS AG until last year.