Deutsche Bank AG has given the helm of its asset management unit in the Americas to one of the unit's co-heads.
Joshua Weinreich was named managing director of Deutsche Bank Asset Management Americas after the other co-head, Richard Marin, stepped down.
Mr. Marin, 46, is leaving to pursue a career in electronic commerce. He is a co-founder of a New York start-up called B2B-Hive, said a Deutsche Bank executive who asked not be named.
However, Mr. Marin is not leaving Frankfurt-based Deutsche Bank entirely. He will stay on as a consultant to guide the asset management unit in developing a Web strategy, and will divide his time equally between the two endeavors, the executive said.
Mr. Marin was not available for comment, the company said.
Mr. Weinreich, 40, was named a co-head of the unit in September. He had been with Bankers Trust since 1985, winding up as head of investment products. Deutsche Bank bought Bankers Trust in June.
Mr. Marin is also a Bankers Trust veteran. He spent about 20 years with the New York company and is credited with helping establish its derivatives unit as well as working to develop an Internet strategy for Bankers Trust as far back as 1995, said the executive who asked not to be named.
"This is an area that's been a passion for him for quite some time," the executive said. Most recently Mr. Marin worked on integrating the investment units of Deutsche Bank and Bankers Trust.
Deutsche Bank, which manages $290 billion in the Americas, is set to become larger still in this country with a deal to buy Germany's Dresdner Bank. Dresdner manages $72 billion here. The deal is expected to close during first quarter of 2001.
But Deutsche Bank, which manages some $590 billion worldwide, might run all asset management directly from Europe once the Dresdner deal is done, according to Geoffrey H. Bobroff, a mutual fund analyst based in East Greenwich, R.I. And much of it may be run out of Germany already, he said.
"I question long term how much of this is run by the U.S. and how much is done by Germany," Mr. Bobroff said.
