(Bloomberg) -- The head of Morgan Stanley’s European Union hub, Oliver Behrens, is leaving the firm to become supervisory board chairman at Deutsche Bank AG’s investment arm DWS Group.

Germany head Bill Greene will succeed Behrens as chief executive officer of the unit known as Morgan Stanley Europe Group, according to an internal memo on Friday that was seen by Bloomberg News and confirmed by a spokeswoman. The change will take effect in the middle of next year.

At that point, Behrens will likely get elected chair of DWS after the asset manager said in a separate statement on Friday that its board has recommended the move. Deutsche Bank owns about 80% of the firm.

Behrens will take over from Karl von Rohr, a former management board member of Deutsche Bank who relinquished his role on the governance body in July.

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