NEW YORK - Deutsche Bank's asset management unit appointed Thomas J. Hughes global chief operating officer Wednesday.

Mr. Hughes had been managing director and head of the global securities group for Merrill Lynch & Co. for 17 years. He succeeds Mark Gelnaw, who was appointed chief operating officer of Deutsche Asset Management's alternative investment businesses, which includes private equity, real estate, and strategic funds.

In his new post, Mr. Hughes will oversee finance, risk management, compliance, legal, human resources, operations, and technology for Deutsche Asset Management's global operations. He will also head up Deutsche Asset Management's operating committee.

Deutsche Asset Management has $550 billion of assets under management.

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