Deutsche Bank hires Allianz's Dilworth to head asset unit

[MUNICH] Deutsche Bank AG hired James Dilworth, chief executive officer of Allianz Global Investors Europe, to oversee almost half a trillion euros in actively managed investments.

Mr Dilworth, 57, will join the executive committee of Deutsche Asset & Wealth Management as head of active asset management as soon as possible, Deutsche Bank said in a statement on Monday. He will also lead the unit's operations in Germany, Deutsche Asset & Wealth Management Investment GmbH, assuming regulators approve, according to the statement.

Mr Dilworth has been with Allianz SE's fund management subsidiary Allianz Global Investors since 2009, becoming chief of European operations in 2012. At Deutsche Bank, he will report to Michele Faissola, head of Deutsche Asset & Wealth Management. Mr Dilworth succeeds Germany head Wolfgang Matis, who retired for "personal reasons" after working for the lender since 1973, the bank said earlier this month.