Six years ago, Christian Sewing, a member of the management board ofDeutsche Bank AG, was impressed with the cool head and proactive approach of the man.

The threat of a costly settlement in the U.S. was scaring investors and key clients, and as a result, the young executive was among the leaders of the firm making calls to assure them that the firm was safe to do business with.

Sewing is relying on Hoops to help fix another crisis and tidy up the lender's asset management unit as it reels from allegations of overstating its green investment credentials.

The man who was promoted to CEO of the group has little experience in asset management and is in charge of one of Europe's biggest investment firms. After struggling for a long time with negative interest rates, Hoops oversaw a rebound this year as head of the corporate clients unit. He will have to keep the business going while restoring investor confidence after the resignation of Asoka Woehrmann.

Ingo Frommen, an analyst at Landesbank Baden-Wuerttemberg, said that they picked a good executive who will stay on. This is a step that indicates that the CEO role is an option for him one day atDeutsche Bank.

DWS grew into a $963 billion asset manager thanks to marketing many of its funds as investing on the basis of environmental, social and governance standards. The company's reputation was damaged by allegations that it inflated its ESG credentials.

DWS's share price rose strongly under the CEO before US probes

The man who oversaw the business since the year it went public resigned Wednesday. The asset manager and its parent were raided by police. The cloud of criminal and regulatory probes into greenwashing that may get costly and messy will be the first thing that Hoops will face when he takes over the top role at DWS on June 10.

The days were already numbered when police showed up.

According to people familiar with the matter, cleaning house and drawing a line under that chapter will be a key focus for Hoops. The prosecutor said the raid was targeting staff and executives.

The people asked not to be identified discussing internal planning said that Hoops may fine-tune but not fundamentally change the current strategy. According to analysts at Bloomberg Intelligence, DWS has spare cash and made good progress on costs, meaning it could grow through acquisitions.

DWS could add scale via M&A, given its 2 billion euros of spare cash and good progress on costs. Amundi, with its acquisition of Lyxor, has overtaken DWS as the second-largest European ETF player, giving the latter more incentive to defend its market share. Asia is a sweet spot for growth, but governance and control from Deutsche Bank may limit options.

Lento Tang, banking analyst

European asset management is a new business for Hoops, who has been a proponent of consolidation. He started as a salesman at the investment bank and later worked at Lehman Brothers. He joined the New York operations ofDeutsche Bank.

The threat of a settlement with the U.S. Justice Department over the issuance of mortgage-backed bonds that helped spark the financial crisis sent some clients fleeing from the German lender. The people said that Sewing, who was in charge of the retail and wealth management unit, was impressed by how Hoops worked the phones to prevent withdrawals.

After Sewing became CEO, he named Hoops head of the transaction banking business, a surprise move because the division's focus is less exotic than investment banking. Sewing created the corporate bank the following year and set him up to lead it.

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Cash Floods Into ESG Funds as New Rules Ease Greenwashing Angst

Negative interest rates eroded earnings from lending for three years in a row. Last year, Hoops charged clients for deposits and cut costs by 15%. The outlook for the business has improved with central banks raising interest rates.

Colleagues praise his sharp intellect, focus on executing plans, and leadership qualities, including a communication style that embraces digital platforms. He can be overly confident, an attribute that isn't uncommon in banking. A fan of the Golden State Warriors, Hoops was a competitive basketball player.

He was connected to the controversy atDeutsche Bank. He played a role in the establishment of a joint venture with a businessman named Daniel Wruck, who had ties to executives at the bank.

The Ties to Dealmaker are caught on camera.

LBBW men say it's too early to say if Hoops is being groomed to be the next CEO ofDeutsche Bank.

The kind of senior management experience bank regulators look for when approving CEO appointments is something he has already achieved.

I don't think Sewing wants to put him in the spotlight just yet, because he hasn't given a signal that he wants to step back.