Mike Philipp, head of Deutsche Asset Management, has appointed Saman Majd his global chief executive for institutional and retail funds as part of a policy to formalise arrangements within the firm on a global basis.
Details of a general reorganisation have been sent to DeAM staff in an internal memo, seen by eFinancialNews, which warns of the need for cost savings, given that performance of the division has been "significantly below budget" in quarter one.
