EUROPE - Deutsche Asset Management has appointed Paul Manduca as CEO of Europe. Manduca will be responsible for DeAM’s European business and will report to Tom Hughes, global head of DeAM.

Manduca will be based in London, and replaces Udo Behrenwaldt who is to become a vice chairman and senior adviser to DeAM. Behrenwaldt will additionally become a senior adviser to the private wealth management division and the chairman of the supervisory board.

Prior to joining Deutsche at the beginning of December this year, Manduca will continue to act as chief executive at Rothschild Asset Management, a position he has held since 1999. There he covers institutional and retail European business.

It has not yet been decided who will replace him at Rothschild, but as Rothschild is putting its institutional and retail investment management businesses up for sale, it is possible that his role will be dissolved. A spokesman at Rothschild would not confirm this.

Topics