Surprising U-turn, the planned change for Tim Albrecht from DWS to Berenberg has burst.
Albrecht will remain with German asset manager and will not move to Berenberg Bank in early 2019. Spokesperson from DWS confirmed the news to InvestmentEurope.
Asoka Woehrmann, who was recently appointed chief executive officer of DWS Group, has certainly convinced Albrecht to stay. Wöhrmann succeeded Nicolas Moreau, who also had to leave the company due to persistent cash outflows.
DWS had made changes to its Equities business with the appointment of Petra Pflaum. Christoph Ohme was appointed lead portfolio manager for DWS Deutschland, DWS Investa and Deutsche Invest I German Equities and Hansjoerg Pack as lead portfolio manager for DWS Aktien Strategie Deutschland. These changes will not take place.