DWS, the listed asset management arm of Deutsche Bank, has made further changes to its senior management line-up following the recent arrival of its new chief executive.

The €692bn asset manager has announced that Jon Eilbeck and Thorsten Michalik, both longstanding DWS employees, will step down from their respective roles as chief operating officer and co-head of the global coverage group — a key client-relations role — at the end of this month.