Deutsche chief executive resigns

Deutsche Asset Managementchief executive Ross Youngman resigned from the group yesterday and has been replaced by formerWestpac Financial Serviceschief Shaun Mays.

Youngman, who has had an 11-year association with the broader Deutsche group, held the head position in Australia for two years and has worked for both the local and international arms of Deutsche in his time with the group.

Meanwhile Mays, who has not held a senior executive position since his departure from Westpac in 2002, brings over 16 years of management experience to the group, as well a renowned interest in ethical investment.

Last year Mays authored a milestone report into corporate sustainability for the Federal Government which investigated the profitability of companies that had incorporated sustainability into their practices.

Other senior positions he has held include chief investment officer ofCommonwealth Financial Services, and chief investment officer of Mercury Asset Management.

He is an active member of key institutions including the National Environmental Education Council and theAustralian Stock ExchangeListings Appeal Committee.

“In addition to his traditional asset management expertise, his experience in the property and private equity sectors complements the alternative investment strength of Deutsche Asset Management’s Australian business,” Deutsche Asset Management Asia-Pacific chief executive officer James Goulding says.

Deutsche’s alternative investment focus accounts for about one-third of its Australian operations.