Deutsche Bank Asset Management's (DeAM) retail business headed by Chris Larsen has been spun off by the group into a new distribution business, Ironbark Asset Management (Ironbark).
Ironbark is a standalone business formed to distribute all retail products in Australia on behalf of DeAM.
Former DeAM employees Chris Larsen and Brendan Carpenter will head Ironbark which also employs a number of distribution staff formerly with the bank.
The business revamp is part of a deal struck between DeAM and Wilson HTM to outsource aspects of the business including retail distibution. Deutsche Bank has a 19.9 per cent shareholding in the firm.
"We believe this approach will be of long-term benefit to our clients, as it enables DeAM to focus on its core competencies of global investment management, property and infrastructure asset management, consultant and institutional servicing, and Deutsche Insurance Asset Management," Deutsche Bank chief executive Chum Darvall said.
As are result of the management changes, head of DB Advisors Stephen O'Brien will take on the additional job as DeAM acting chief executive.
O'Brien began with Deutsche Asset Management in September 2007 as head of institutional sales, reporting to Larsen. Larsen joined the firm in June 2006. He was previously Credit Suisse Asset Management's head of retail.
He was promoted to head the business in January 2008 following the departure of chief investment officer and business head Andrew Fay.
