Deutsche Bank AG named a new head of asset management who will join from French insurer AXA SA, succeeding an executive who left the bank in June after less than six months, citing medical reasons.

Nicolas Moreau will join Deutsche Bank's management board Oct. 1, after 25 years with AXA, where he most recently oversaw the company's business in France, Deutsche Bank said in a statement Thursday. Mr. Moreau, 51, also has served as chief executive of AXA Investment Managers.

An AXA spokeswoman said Mr. Moreau left the insurer on June 30.

He'll be based in London, on an initial three-year contract. He succeeds Quintin Price, a former BlackRock Inc. executive who joined Deutsche Bank and the management board in January. Mr. Price went on medical leave in April and left the company June 15.

On Thursday, Deutsche Bank also named two other current senior executives, Kim Hammonds and Werner Steinmü ller, to its management board effective Aug. 1, for three-year terms.

Ms. Hammonds, 49, is chief operating officer and oversees technology and operations for Deutsche Bank. She joined the lender in November 2013. Mr. Steinmü ller, 62, has been with the bank since 1991, and was the longtime head of global transaction banking. Earlier this month the bank announced he was nominated to become chief executive officer for Asia Pacific. He will be based in Hong Kong.

The three management-board appointments were decided by Deutsche Bank's supervisory board at a meeting on Thursday. The management board now has 11 members, including Chief Executive John Cryan.

Asset management generated €3.3 billion ($3.8 billion) in revenue during 2015, making it the smallest of Deutsche Bank's four main business divisions by that measure. But asset management is valued for having steady revenues and a higher return on equity than other divisions.

Paul Achleitner, Deutsche Bank's chairman, said in Thursday's statement that Mr. Moreau's asset-management knowledge and experience at another "complex, global financial institution" will serve the bank well.

All four of Deutsche Bank's ongoing business divisions suffered from revenue declines in the second quarter, a tough period for Deutsche Bank. Its shares are down 47% this year, and its investment bank and securities-trading division are struggling to maintain market share as European investment banks broadly are hit by political and economic turmoil and competition from stronger U.S. rivals.

Deutsche Bank is seeking to cut costs, settle legal matters and shrink its business in a bid to boost capital and meet stringent new regulatory hurdles.

Write to Jenny Strasburg at jenny.strasburg@wsj.com

 

(END) Dow Jones Newswires

July 28, 2016 12:15 ET (16:15 GMT)

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