Deutsche, CIO Agree to Part Ways

August 27, 2002 ( - The Global Chief Investment Officer at Deutsche Asset Management has stepped down from his post, while rumors swirl around the old Banker's Trust empire.

Dean Barr, 41, is “leaving to pursue entrepreneurial opportunities outside the firm,” spokeswoman Missy Deangelis, told Reuters for a news report. She said the departure at the end of the week was “mutually agreed upon” by Barr and the money management firm, a division of Germany’s Deutsche Bank AG

Barr joined Deutsche Asset Management from State Street Global Advisors in 1999 to develop Deutsche’s Bankers Trust passive management activities. He was tapped as chief investment officer in October 2000. Barr was based in New York.

In reviewing second quarter results last month, Deutsche Bank AG’s Chief Executive Josef Ackermann told reporters that sales of “non-core” operations “will be started this year. Included in the list of “non-core” areas were passive asset management, as well as insurance, global securities services, North American asset finance, and French banking activities.

Those comments echoed comments in the German bank’s 2001 annual report, which have led many to speculate that the sale of Deutsche Bank’s US master trust, securities lending, and indexing business is close at hand.