The new hire will also take over management of the asset management division at the firm.

German financial services firm Deka Vermögensmanagement has appointed Dirk Degenhardt as chief executive, with effect from 1 November, subject to regulatory approval. He will also take over management of the asset management division at Deka. 

Degenhardt will replace the former chairman of the firm, Steffen Selbach, who died in August of this year.

He was most recently head of product and market management. In this role, he is responsible for product development and product management of securities mutual funds, wealth and pension products and certificates. He has been with DekaBank since 2000.  

"We are glad that Dirk Degenhardt has agreed to take on the new task,” said Michael Rüdiger, CEO of DekaBank Deutsche Girozentrale. “Not only is he a knowledgeable expert, but he is also a recognised and respected leader."

DekaBank is the securities house of the savings banks and, together with its subsidiaries, forms the Deka Group with total assets of around € 283 billion ($333 billion).