Deutsche Bank succession plan for Asset management business
Following a 20 year career in the financial services sector, the Head of Deutsche Bank ’s Asset Management business in Australia, Andrew Fay, has decided to leave the organisation at the end of this year to take an extended break from full-time involvement in the industry.
Fay, who will be succeeded in the role by Chris Larsen, remains responsible for business and investment management for the Asset Management division until 31 December 2007.
Thereafter, he will continue his involvement with Deutsche Bank as a Director on the Board of Deutsche Asset Management (Australia) Limited.
Effective immediately, Larsen has been appointed Deputy Head of Asset Management. Previously responsible for Asset Management Distribution, Larsen will officially assume the position of Head of Asset Management Australia on 1 January 2008.
Simultaneously, John Dorrian, who was previously Australian Head of RREEF Infrastructure, assumes the role of Head of RREEF Australia, responsible for its growing real estate, infrastructure and hedge fund operations.
Importantly, Asset Management will continue to distribute RREEF securities and other products in Australia, which currently include the highly regarded RREEF Paladin Property Securities Fund, and the RREEF Global Property Securities Fund.
In paying tribute to Fay’s 14 years’ service to the group, Ed Peter, Head of Asset Management Asia Pacific said, while we are disappointed to lose Andy from our management team, we respect his decision. I am pleased to say that we will continue to leverage his knowledge and skills through his board participation.
Chief Executive Officer of Deutsche Bank Australia and New Zealand, Chum Darvall said, Andy’s made a tremendous contribution to our business, most notably by broadening the product range from its initial domestic manufacturing base to become a leading global and alternative investment house in Australia.
He has also played a key role in developing the business model to pursue new channels such as retail, where we are making significant inroads. Andy has been a key member of the management team of the Deutsche Bank Group in Australia and New Zealand. I look forward to working closely with Andy, Chris and John over the coming months.
I believe Asset Management is well positioned to continue its strong growth in alternative and specialist traditional products. This has given me the opportunity to look at pursuing personal endeavours next year and I believe the time is right to do so. Although I will be around until the end of 2007 I would like to thank the staff for their support over the years, said Fay.
Chris Larsen-Deputy Head and Head of Distribution, Asset Management Australia:
Chris Larsen has more than two decades’ experience across all fields of asset management, spanning retail and institutional distribution, marketing, product, platform, investment research and manager selection.
Having held senior positions in the industry in Australia and New Zealand, Larsen joined
Deutsche Bank’s Asset Management business in January 2006 from Credit Suisse Asset Management, where he was the Head of Retail Distribution for five years.
Previous positions include Head of IFA Distribution for Sagitta Wealth Management and National Sales Manager for Rothschild for almost seven years where he was also responsible for their Premier Advisor Service.
John Dorrian-Head of RREEF Australia:
John Dorrian has more than 25 years of senior experience in financial and investment markets, and has specialised in infrastructure, private equity and direct investment and funds management for over 14 years.
Prior to joining RREEF as Australian Head of RREEF Infrastructure in 2006, Dorrian was the Chief Financial Officer of the Spark Infrastructure Group, and an independent adviser to RREEF on the Spark Infrastructure initial public offering and its acquisition of interests in three Australian electricity utility businesses.
Dorrian was formerly the Head of Portfolio Management and Head of Infrastructure and Private Debt for Henderson Global Investor's Private Capital Group and was a member of its Global Private Capital and Fixed Income Credit Investment Committees.
He has been involved in equity and debt investments in a wide range of industries including airports, electricity generation, electricity and gas distribution and retailing, minerals processing and agribusiness. He also acted as the director of a number of significant companies operating in those and other industry sectors.
14-Aug-2007