Deutsche Bank-Stefan Hoops appointed director of DWS the day after the searches | Photo credits: Deutsche Bank AG
BERLIN, June 1 (Reuters) – DWS, the asset management subsidiary of Deutsche Bank, announced on Wednesday the resignation of its chairman of the management board, Asoka Wöhrmann, replaced by Stefan Hoops, the day after a search aimed at the two groups in as part of an investigation into suspected deception related to the ESG rating of certain investment products.
DWS and Deutsche Bank (DB) said the asset manager had cooperated with authorities and regulators in the past and would continue to do so. DWS repeated that it denied misleading investors.
Asoka Wöhrmann has resigned as Chairman of the DWS Management Board, effective after the next Annual General Meeting.
As soon as his appointment is effective, Stefan Hoops will step down as head of DB’s Corporate Banking division, DWS said in a statement. (Report Paul Carrel; French version Augustin Turpin, edited by Kate Entringer)