October 25, 2018 / 12:29 PM / 10 months ago

UPDATE 1-Deutsche's DWS asset manager names Woehrmann as CEO

(Rewrites first paragraph, adds background, Kuhn appointed to board)

By Arno Schuetze

FRANKFURT, Oct 25 (Reuters) - Deutsche Bank’s recently-listed asset manager DWS named Asoka Woehrmann as chief executive on Thursday, replacing Nicolas Moreau a day after reporting heavy client outflows in the third quarter.

DWS shares, which had lost more than a fifth of their value since the company’s Frankfurt listing in March, rose to a more than one-month high of 25.85 euros and were up 1.9 percent at 25.195 euros by 1218 GMT.

Moreau’s exit comes amid widespread change across the industry as asset managers battle higher regulatory and operational costs and investor pressure around fees.

Woehrmann, who joined Deutsche Bank 30 years ago, most recently served as head of retail banking in Germany and will take on his new role with immediate effect, while giving up his seat on the DWS supervisory board.

Moreau, named head of Deutsche’s asset managing arm three years ago, will remain with DWS, one of Europe’s largest listed asset managers, until the end of the year.

DWS’s quarterly figures on Wednesday showed the firm continues to struggle with outflows of client money, seeing customers withdraw 2.7 billion euros in the third quarter.

In July, DWS said it expects revenue to decrease this year and cut its 2018 target for attracting new money, citing market volatility caused by trade tensions and effects from the U.S. tax reform.

Deutsche Bank also on Thursday said Chief Operating Officer Frank Kuhnke will be appointed a member of the Management Board from January 1, 2019. (Additional reporting by Simon Jessop Editing by Tassilo Hummel and David Holmes)

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