DWS’ long-standing investment division chief Stefan Kreuzkamp is leaving the German giants after agreeing to an early termination of his contract.
Kreuzkamp has worked for the firm for 24 years, initially as portfolio manager for money market funds and later as head of fixed income and money market fund business and CIO Europe.
He took on the role of global CIO and head of the investment division in 2018 and had a contract until 2024, but the company has now announced he will depart at the end of 2022.
It follows other top management changes in the summer, including the resignation of the group’s CEO Asoka Woehrmann, after its offices in Frankfurt were raided on suspicions of greenwashing.
DWS says Kreuzkamp’s exit is intended to “make room for the new management team.”
The department’s operations will continue under new chief investment officer Bjorn Jesch and asset class officers who will report to CEO Stefan Hoops.
Hoops said: "Stefan and I have known each other for more than ten years.
“We have worked together intensively, and I have come to appreciate him as a colleague and partner.
“I’m very grateful to him for his commitment and sense of responsibility.
"He has created a strong leadership team and ensured DWS' investment expertise rests on several shoulders.”
Jesch was appointed global chief investment officer in September, with Fiona Bassett taking over as head of their newly-created systematic solutions and implementation platform.
Vincenzo Vedda is now in charge of a new division which has combined the active equity and fixed income asset classes.
Karl von Rohr, chairman of DWS’ supervisory board, added: “Under Stefan’s leadership, DWS' portfolio managers have outperformed the competition many times, creating value for our clients.
“We thank him for his contribution, regret his departure, and wish him all the best and much success for his professional and private future.”
© 2022 funds europe