(Bloomberg) -- DWS Group star stock picker Tim Albrecht is leaving the firm as Chief Executive Officer Stefan Hoops continues to revamp the top ranks at the asset management arm of Deutsche Bank AG.

Albrecht, who runs one of DWS’s best-known equity funds, will leave at the end of March “at his own wish,” according to an internal memo seen by Bloomberg and confirmed by a spokesman. He’ll hand over management of his fund, DWS Deutschland, to Marcus Poppe, who will run the European equities team together with Philipp Schweneke.

DWS Deutschland is one of the firm’s flagship equity funds, with 3.5 billion euros ($3.8 billion) under management. But performance has been subpar in recent years, with the fund trailing 86% of peers over past three years and 83% over five years, according to data compiled by Bloomberg. It has rebounded this year, beating 96% of similar funds.

Read More: Deutsche Bank Cut Wirecard Ties as Its Fund Managers Went All In

Albrecht previously decided to quit DWS in 2018 but reversed course shortly after former CEO Asoka Woehrmann took over. Under his leadership, DWS Deutschland attracted scrutiny for a massive investment in now-disgraced payments company Wirecard AG, which collapsed spectacularly in Germany’s biggest accounting scandal almost three years ago. 

Hoops has replaced several senior executives including management board members since he took over from Woehrmann in June. Among those leaving are former Chief Investment Officer Stefan Kreuzkamp and Chief Operating Officer Mark Cullen.

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