Warren leaves DWS over lack of post-buyout role

DWS managing director Michael Warren has left the company following talks with senior figures at Aberdeen Asset Management. Andy Clark, DWS head of sales, replaces Warren as the group’s head of retail.

Warren’s departure follows the deal announced on July 7 between Aberdeen and Deutsche Bank involving the sale of a number of Deutsche’s fund management businesses to Aberdeen, including DWS.

The contrasting focus of the two groups’ target markets, with Aberdeen attracting mainly institutional investors and DWS focused more on the retail side, is believed to be the main reason for Warren’s departure.

Clark says: “I have taken on Michael’s role and the DWS business will continue to operate as normal. Contrary to speculation, no-one else has left; the DWS sales and marketing team continues to operate and this will be the situation until the end of September. There should be more clarity in a few weeks’ time.”

He adds: “Michael had a number of discussions with the Aberdeen management to see whether there was a role for him to play following the acquisition. He took the decision that there wasn’t and has left DWS.”

The acquisition, which is expected to complete on September 30, will see Aberdeen’s open-ended funds under management exceed 5.3bn, including 1.8bn of assets currently managed within the DWS Oeic range.

Aberdeen has declined to comment on Warren’s departure. The acquisition is still subject to approval from various parties including the Deutsche Bank supervisory board, Aberdeen shareholders and the Financial Services Authority.