DWS Group has announced that Stefan Kreuzkamp is stepping down as head of the investment division at the end of this year.
He has agreed to the company's request to prematurely terminate his contract, which should have run until the beginning of 2024, to make room for the new management team, DWS says in a statement.
In September 2022, Kreuzkamp had already made far-reaching changes to the management structure of the investment division and reorganized responsibility in the area.
Björn Jesch has become the global chief investment officer for DWS. Fiona Bassett took over the newly-created systematic solutions and implementation platform, and Vincenzo Vedda has become responsible for the active division, in which DWS has combined the active equity and fixed-income (including cash) asset classes.
Together with the current management team of the investment division, Jesch, Bassett and Vedda will report to chief executive officer Stefan Hoops. Vedda will additionally take over Kreuzkamp's previous responsibilities on the management board of DWS Investment.
Kreuzkamp worked for DWS for 24 years, initially as portfolio manager for money market funds and later as head of fixed income and money market fund business and chief investment officer for Europe. In 2018, he took on the role as global CIO and head of the investment division.
Karl von Rohr, chairman of the DWS supervisory board, thanked Kreuzkamp for playing a decisive role in the group’s success in recent years, especially since its initial public offering in 2018.
“Under his leadership as former chief investment officer, and while he was responsible for the investment division, DWS' portfolio managers have outperformed the competition many times, creating value for our clients,” von Rohr adds.