* Executive in funds-of-funds group to leave
* Co-head of private markets was let go in late 2012
* Departures follow failed auction
By Luisa Beltran
NEW YORK, Feb 14 (Reuters-PeHUB) - Deutsche Bank
continues to see senior executives exit
its asset and wealth management unit several months after
failing to sell part of the business and installing new
leadership in the unit.
Colleen Sellers, who is credited with building the
private-equity funds-of-funds business, is leaving, several
sources told peHUB, a Web site published by Thomson Reuters. She
has been managing director of DB Private Equity, which is part
of the Deutsche Bank Asset & Wealth Management unit. Sellers,
who joined Deutsche Bank in 1999 through its acquisition of
Bankers Trust, led the high-net worth team before moving to
asset management in 2009, persons said.
During her career with the bank, Sellers spearheaded the
move to offer alternative products, including private equity, to
the firm's high net-worth clients, said one source.
"Colleen spent more than a decade building up the
business," a different source said. "She did
something quite special."
Meantime, Deutsche Bank said earlier this month that John
McCarthy, who had been global head of RREEF infrastructure, was
departing. The bank named Hamish Mackenzie and Nadir Maruf to
replace him. RREEF is the business within the asset and wealth
management unit responsible for raising money for Deutsche
Bank's own private-equity funds, including infrastructure and
More departures came late last year.
Chris Minter, the global head of DB Private Equity, left the
bank in October, sources said. John Crocker was let go in
mid-December, just a few weeks after being promoted to co-head
of private markets, peHUB reported earlier. Mark Schroeder, a
managing director in the RREEF unit, also exited in December.
Chris Burnham, who joined Deutsche Bank in 2006 as vice chairman
and managing director of the asset management unit, left the
bank at the end of 2012.
Sources attributed most of the departures to Deutsche Bank's
failure to sell part of its asset management unit. Last year,
Deutsche Bank was in talks to sell some of its fund business to
Guggenheim Partners. The negotiations fell apart and, in June,
Deutsche Bank concluded a strategic review of its asset
management division without finding a buyer. Kevin Parker, who
was head of the asset management unit at the time, left Deutsche
Bank in late June, sources said.
"It's not unexpected," an industry source told peHUB of the
turnover. "There's new leadership over there."
Indeed, in June, Deutsche Bank made a slew of management
changes, including naming Michele Faissola to head the newly
formed asset and wealth management group, which combined what
had been separate asset management and wealth management
businesses. Faissola came from the capital markets side of the
bank and is credited with helping expand Deutsche Bank's rates
and commodities operations and building the ETF business,
Bloomberg has reported.
The exits that followed are significant in part because the
departing executives are so senior, sources said. Burnham, for
instance, had previously served as Under-Secretary General of
the United Nations, as well as an adviser to Mitt Romney in his
recent run for President. Before his promotion and departure
from Deutsche Bank, Crocker was a managing director in the RREEF
group, where he sold and marketed alternative asset products.
Prior to that he worked on origination at placement agency
The high-level departures can also be seen in the context of
a global restructuring that Deutsche Bank announced months ago,
a source familiar with the situation said. In July, Deutsche
Bank said it would cut 1,900 jobs in an effort to reduce $3.67
billion in expenses.
A Deutsche Bank spokeswoman declined comment for this