The death of Baron Alfred von Oppenheim, the head of one of Germany’s largest independently controlled private banks, Sal. Oppenheim, has le...

The death of Baron Alfred von Oppenheim, the head of one of Germany’s largest independently controlled private banks, Sal. Oppenheim, has led to a major management reshuffle.

Baron Oppenheim’s job has been split, according to the bank, with no overall chief executive being appointed. Instead, Sal. Oppenheim has appointed the following managers: chairman of the supervisory board will be Baron Georg von Ullman; chairman of the shareholders’ committee will be Baron Friedrich Carl von Oppenheim.

The divisional heads stay the same, according to the bank. These are: Detlef Bierbaum, head of asset management, Friedrich Carl Janssen, head of risk management and bank services; Christopher Freiherr von Oppenheim, head of private banking and Dieter Pfundt, head of investment banking.

Matthias Graf von Krockow, a spokesman for the partners, said the decision met with unanimous approval from the Sal. Oppenheim partner families. Two families control the bank: the von Oppenheim’s and the von Krockow’s.

The families’ explicit goal, according to Graf Krockow, is “to guarantee sustainable independence for Sal. Oppenheim for generations to come.”