The investment expert once worked for Credit Suisse and Germany's Berenberg. Now he's been appointed as CEO at Deka Investment.

Stefan Keitel has been appointed as CEO at Frankfurt-based Deka Investment, a unit of Deka Bank, «private banking magazin» reported Monday.

Keitel succeeds Victor Moftakhar, who will leave the wealth-management division of Deka Bank in spring of 2017.

Investment Strategist at Credit Suisse

The change of personnel is akin a change of plan: originally, Keitel was destined for a position on the board of Deka Bank. But Keitel seems to have lacked the necessary backing among the representatives of the savings banks which own Deka, a person close to the company told Germany's «Handelsblatt».

Keitel joined Deka at the beginning of 2016. He used to work as head of investment at Berenberg Bank and previously for Credit Suisse, where he managed investment strategy at asset management and private banking as well as joint head of portfolio management for private and institutional clients.