is shaking up one of Deutsche Asset Management's
] channels in the U.S.
| Bobby Brooks|
Deutsche Asset Management
National Sales Manager for Retail
Brooks is combining Deutsche's ETF and traditional mutual fund distribution teams in the RIA channel into a single team, MFWire
"This is still an ongoing process," a Deutsche spokeswoman tells MFWire
. "We view the RIA market as having big growth potential."
The spokeswoman declined to comment on how many people are being affected by the reorganization, but she confirmed that "all channels report into Bobby Brooks, National Sales Manager for Retail at Deutsche Asset Management."
On a February 2 earnings call, Deutsche's chief financial officer, Marcus Schenck, told analysts that Deutsche's ETF platform has positive prospects this year, according to Seeking Alpha's transcript of the call
. He also noted that Deutsche's worldwide asset management business is off to a solid 2017 start with 5 billion euros (about $5.27 billion) in net inflows in January "across all regions led by U.S. and EMEA."
"A large portion is driven by liquidity money market product but also a strong start for Passive ETF products in both U.S. and EMEA," Schenck said on the call.
Deutsche's Q4 2016 earnings release, issued
on February 2, noted a "continued focus on costs and headcount reduction" across the multinational bank. The "further expanded ETF offering in Deutsche Asset Management" is listed under "ongoing strength in client franchise" as one of the bank's achievements for 2016.
Deutsche Asset Management worldwide suffered a Q4 2016 net loss (before taxes) of 753 million euros, down from Q4 2015 net income of 173 million euros.
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