DWS simplifies global structure to become more client-centric and efficient

To ensure DWS is strongly positioned to execute its strategic priorities, set consistently since late 2018, and to tackle the long-term challenges facing the asset management industry, the firm will simplify its global business structure to become even more client-centric, flexible, efficient and effective. The new organizational design is intended to enhance collaboration and remove silos so that DWS is able to fully focus on its most important responsibilities as a fiduciary asset manager: strong investment performance, best-in-class client services and product innovation.

We will shift to a unified global Investment Division, operating with market-leading investment performance and expertise in every region. Our Client Coverage Division will be globally aligned yet regionally suited, ensuring a coherent approach to the way we cover our clients; it will also focus on identifying and targeting client segments more effectively. To become more proficient, agile and innovative in our product offerings, we will establish a new Product Division that will be fully responsible for the entire product life-cycle across the firm. And we will make sure our business is efficiently supported with asset management specific controls and transparent financial and risk reporting. The control units will move to the COO Division, while our Risk function will move into the CFO Division.

Asoka Woehrmann, CEO of DWS Group, said, “This new organizational structure marks another significant milestone for DWS. It allows us to thrive with three strong business lines in Alternatives, Passive and Active; three client segments in wholesale, institutional and insurance; and across all three regions worldwide. Through our globally integrated divisions – combined with the empowerment and clear accountability of our employees – we will remain decisive and nimble in order to continue our success in the future.” He added: “I look forward to continuing the successful cooperation with our newest Executive Board member Manfred Bauer. Manfred has a wealth of knowledge and experience with our entire product value chain that will further improve how we deliver the best possible foundation for our clients’ futures.”

DWS’s new structure will come in to full effect on July 1, also following subsequent changes to our leadership composition. The DWS Executive Board will become leaner and more compact, reflecting our globally integrated structure:

  • Asoka Woehrmann will continue as CEO and will lead the Executive Division. He will also represent the APAC region on the Executive Board. Asoka will continue to be based in Frankfurt.
  • Claire Peel will continue as CFO and will lead the CFO Division, incorporating the Risk function. She will also have coordinating responsibilities for our entire business in EMEA as Regional Head. She will be based in London.
  • Mark Cullen will continue as COO and will lead the COO Division. Additionally, he will serve as Regional Head of Americas and CEO of DWS Americas. He will be based in the New York office and will also continue to spend time in London.
  • Stefan Kreuzkamp will remain Global CIO and will head the Investment Division, encompassing our entire investment platform across Active, Passive and Alternatives. He will be based in Frankfurt.

  • Dirk Goergen will lead our Client Coverage Division globally, consolidating all distribution teams of our firm into one. He will be based in Frankfurt.
  • Manfred Bauer will join the Executive Board as head of the Product Division on July 1. He will be based in Frankfurt.
  • Pierre Cherki, Bob Kendall and Nikolaus von Tippelskirch will all step down from the Executive Board and leave DWS.

In addition, the Executive Board will be complemented by a newly formed Global Leadership Team (GLT), which will be responsible for discussing growth opportunities for the firm and preparing them for strategic decision-making by the Executive Board. They will ensure that decisions of the Board are executed and cascaded throughout the organization. In addition to the Executive Board members themselves, the GLT will comprise of the most important business leaders and selected central functions.

The Chairman of the Supervisory Board of DWS Group, Karl von Rohr, said: “With these changes, DWS Group now has an organizational structure exemplary of a modern, future-oriented asset management firm. I congratulate Manfred Bauer on his appointment to the Executive Board and look forward to continuing our work with the entire leadership team to build a successful future for DWS. Furthermore, I would like to thank Nikolaus von Tippelskirch, Bob Kendall and Pierre Cherki for their extraordinary engagement and many achievements and wish them all the very best for their future endeavors outside of DWS.”

For further information please contact:

Adib Sisani
+49 69 910 61960

About DWS Group
DWS Group (DWS) is one of the world's leading asset managers with EUR 700bn of assets under management (as of 31 March 2020). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically.

DWS wants to innovate and shape the future of investing: with approximately 3,500 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future.


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