After months of quarrels at the Deutsche Bank subsidiary DWS, it had recently become quiet around Asoka Wöhrmann. He is the former CEO of the largest German fund company. Now, however, Wöhrmann is hiring as CEO at the listed Augsburg real estate investor Patrizia and is soon to replace company founder Wolfgang Egger at the helm. The 57-year-old Wöhrmann has been on board since May 1 as “designated CEO” and after a short training period will become the sole CEO, shared Patrizia on Tuesday with. Majority owner Egger remains on board as a member of the board of directors.
About a year ago, Wöhrmann had to give up his position at Deutsche Bank subsidiary DWS. The former head of sustainability had accused the fund company of “greenwashing” for presenting themselves and their funds as more sustainable than they really are. DWS had rejected the allegations. At the same time, however, several authorities in the USA and the public prosecutor’s office in Frankfurt had started investigations against DWS and those responsible who were not known by name. These are still ongoing.
Asoka Wöhrmann is not a real estate man by nature, but a capital market expert. He will strengthen Patrizia with his “extensive international management experience, in-depth knowledge of the financial markets and global wealth management, as well as a broad international client network,” said Egger. Thomas Wels, who has been co-CEO for three years, will remain on board as an advisor, primarily for Japan and other Asian countries. His contract expired at the end of April.
Slava Shafir is also coming to Patrizia from the hedge fund Corsair Capital. As of June 1, he is to organize the ongoing business and processes of the company as a member of the Management Board. Egger said that as a member of the board of directors he wanted to “focus on our strategic customer relationships and the strategic development of the company”.
From the headquarters in Augsburg, Patrizia mainly offers real estate funds. In April 2013, Egger and his people, together with numerous investors such as savings banks and insurance companies, bought what was then the housing company GBW and today’s Dawonia from Bayern LB – a controversial deal. Also, because there was always the question of whether Dawonia adheres to the social rules of the game agreed upon when it was sold. In total, Dawonia manages around 30,000 apartments in southern German metropolitan areas.
Company founder Egger had benefited massively from the real estate boom in recent years. In 2021 he even made it into the “Rich List” of manager magazine. At its peak, his private fortune, including his approximately 52 percent stake in Patrizia, was estimated at 1.1 billion euros. However, the turnaround in interest rates did not leave Patrizia and its founders unaffected. As with other real estate companies, profit and share price collapsed significantly.