Deutsche Asset Management has hired a former American Skandia executive in an effort to expand its institutional subadvisory business.
Last week the subsidiary of Deutsche Bank hired Jeffrey M. Ulness to be director of sales in the financial institutions group, a new post at the New York-based asset management firm.
Richard Goldman, the head of Deutsche Bank's institutional business in the Americas, said that the appointment completes a reorganization the asset management division has been working on for several years.
"What we have done is to organize ourselves along channel lines," Mr. Goldman said. "We have teams focused on corporate and nonprofit [clients], one team focused on retirement, and one on financial institutions," he said.
The sales head of the financial institutions group is responsible for finding mutual fund and insurance companies that need a subadvisor on assets, Mr. Goldman said.
"We believe that we have significant growth opportunities in that channel," Mr. Goldman said. It will "allow us to develop relationships that are beyond just one product," he said.
Mr. Ulness reports to Dick Goldman, the managing director of the bank's financial institutions group (no kin of the Richard Goldman who is head of Deutsche Bank's institutional business). At American Skandia Life Assurance Corp., Mr. Ulness was the vice president in charge of product management.
Deutsche Bank's Americas division currently subadvises roughly $50 billion of assets under management in mutual funds and manages another $80 billion for insurance companies, according to Richard Goldman, head of the institutional business.
In recent years, Deutsche Bank has made subadvisory relationships with insurance companies including American Skandia, Prudential, and MetLife, Richard Goldman said.
Deutsche Asset Management has $800 billion of assets under management.
