Deutsche Bank has hired a 25-year veteran of French insurer AXA to lead its asset management division, filling the gap left after Quentin Price, who had joined from BlackRock only at the start of the year, departed in June for health reasons.

The German bank said in a statement on July 28 that Nicolas Moreau, 51, will join its management board on October 1, with responsibility for the group's €719 billion funds arm Deutsche Asset Management. He will be based in London and will "initially" be on a three-year contract, the bank said.