(Bloomberg) -- Deutsche Bank AG has hired Goldman Sachs Group Inc.’s Derek Bomar as a managing director to lead its coverage of asset managers in the Americas, according to a memo to staff seen by Bloomberg News. 

New York-based Bomar will join the German lender in July, reporting to Jeff Cady and Marie-Soazic Geffroy, global co-heads of the bank’s financial institutions group, according to the memo from the duo. 

A Deutsche Bank spokesman confirmed the memo’s contents and declined to comment further. 

Bomar has worked at Goldman Sachs since 2015, his LinkedIn profile shows. 

Asset managers have been active in recent years, with many pursuing or exploring consolidation in an effort to increase scale amid competition for investor dollars. Others have pursued liquidity events such as initial public offerings and minority stake sales. 

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