A 20-year Deutsche Bank veteran is taking over the multinational giant's publicly traded asset manager.

Today Asoka Woehrmann took over for Nicholas Moreau as CEO of Frankfurt-based DWS Group [profile], confirms Karl von Rohr, president and chief administrative officer of Deutsche and chairman of DWS' supervisory board. (Deutsche owns 77.75 percent of DWS.) Woehrmann has also been appointed a senior group director for asset management at Deutsche Bank.

Moreau will step down as a DWS managing director at the end of the year.

Woehrmann is no stranger to DWS. He has served on its supervisory board since its IPO in March, and up until 2015 he served as the asset manager's global chief investment officer. Since then he has served as head of Deutsche Bank's private client business in Germany. He first joined Deutsche in 1998 after working at the Technical University of Vienna and at Otto-von-Guericke University of Magdeburg. He is an alumnus of the University of Bielefeld and of Otto-von-Guericke University of Magdeburg.

"Asoka Woehrmann knows our company, our clients across the world and the asset management industry like the back of his hand," von Rohr states. 

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