It has been a day of ups and downs for Deutsche Asset and Wealth Management in Europe: while the chief executive officer of its German retail asset management business (DWS) retired, the firm has given its UK offering a boost in status with plans to double its UK professional team.

It was a day of ups and downs for Deutsche Asset and Wealth Management in Europe yesterday: while the chief executive officer of its German retail asset management business (DWS) retired, the firm has given its UK offering a boost in status with plans to double its UK professional team.

This publication understands that DeAWM plans to add 300 professionals to its UK ranks over the next five years as it gains its own separate regional status within the firm’s organisational structure - previously it fell under the EMEA arm. The firm declined to comment on the matter.

"The UK is one of the world's most important markets for asset and wealth management.  We are committed to growing our business here, enabling more clients across the country – both institutions and wealthy individuals – to benefit from our global investment solutions,” Michele Faissola, head of DeAWM said in a statement.

To coincide with the UK’s regional status upgrade, DeAWM has appointed Randy Brown as the inaugural head of the United Kingdom, taking charge of the business and expansion efforts in the country. He also becomes head of insurance and pension solutions and a managing director.

Brown previously served as co-chief investment officer at the firm. Following Brown’s move, his former co-chief Asoka Wöhrmann has gained full responsibility of the chief investment officer role. Wöhrmann will take charge of DeAWM’s global investment activities and teams across equity, fixed income and multi-asset strategies. He will also chair the committee that establishes DeAWM’s global investment outlook.

Brown will report to Faissola and will serve on its global executive committee, as well as joining the UK executive committee for the region’s operation.

However, things weren’t so positive across the channel as DWS CEO Wolfgang Matis, who is also head of Germany and active asset management at DeAWM, retired for personal reasons after 41 years at Deutsche Bank and its divisions.

Deutsche is yet to announce the successor to the majority of Matis’s roles, however Joachim Häger, head of wealth management in Germany, becomes chair of the Sal Oppenheim jr & Cie supervisory board. Additionally, existing chief operating officer of DeAWM Germany, Holger Naumann, joins the DWS Investment SA supervisory board in Luxembourg as chairman.

During his time at Deutsche, Matis held posts varying from head of Europe to head of global bond trading. He helped to realign DeAWM’s business model in Germany by integrating various units into an integrated operation.

Deutsche has been on a global recruiting spree recently. On Tuesday it announced the appointment of Phil Poole as head of research in London, as well as making a raft of hires today in its American division across its private banking; equity; lending and institutional businesses.