Deutsche Bank yesterday named a new head of its asset and wealth management division for the Americas, effective immediately, as part of the bank's efforts to revive the unit.

The bank said it hired Jerry W. Miller, formerly a senior adviser at private equity firm Lightyear Capital, to oversee a division that manages about $400bn for clients across North America and Latin America, including Deutsche's US unit. The position is a new role and is based in New York, Deutsche Bank said.