Deutsche Asset Management's Quintin Price Takes Medical Leave

Deutsche Bank AG's asset-management chief, who joined the company to take over that role in January, is going on medical leave for an unspecified period, the German lender said Monday.

Quintin Price, 54 years old, was named last year to run Deutsche Asset Management and serve on the bank's management board, as part of a companywide restructuring that split up the asset and wealth-management businesses. Mr. Price previously was with BlackRock Inc.

In a note to employees Monday that was posted on Deutsche Bank's website, John Cryan, the bank's co-chief executive, said Mr. Price's treatment plan is still being completed, "but it will necessitate his full-time focus for the foreseeable future as he undergoes further tests and consultations." No further details were disclosed.

Jon Eilbeck, 48 years old, the asset-management unit's global chief operating officer, will step in to cover Mr. Price's day-to-day responsibilities in the business. Mr. Eilbeck is currently vice chairman of the unit's executive committee and its regional head for Asia Pacific.

Mr. Cryan said in his note that he will represent asset management on the management board, in keeping with the lender's normal business plan in such circumstances.

Deutsche Asset Management is the smallest by revenue of four primary business units structured as ongoing operations—that is, not including businesses that are being wound down or are for sale. But asset management boasts the highest return on equity of the four continuing units.

The asset management business would have had EUR 3.3 billion ($3.7 billion) in net revenue last year in its existing structure, a 16% increase from 2014, according to new figures published earlier this month that delineated financial performance for the split asset and wealth management units.

The combined business previously was run by Michele Faissola, who left Deutsche Bank last year.

Write to Jenny Strasburg at [e-mail]

(END) Dow Jones Newswires

April 18, 2016 13:15 ET (17:15 GMT)

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