The former executive, 48, joined Deutsche some seven years ago from Merrill Lynch with Edson Mitchell to attempt to turn the bank into a leading global securities firm. Mitchell died in an air crash in December 2000.
Philipp will stay on as an adviser at the bank and his roles will be divided up and undertaken by two senior executives. Thomas Hughes, 44, the former chief operating officer and president of Deutsche Asset Management, will now run the show and Pierre de Weck, a former UBS executive, will take responsibilty for running services for high net-worth individuals.
Deutsche Boss Off
Michael Philipp, head of Deutsche Bank's asset management and private wealth businesses, has quit his top job after profits in his unit declined by 58% in 2001.
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