Deutsche Bank Private Wealth
Management is making a strong hiring push as it expands its key
Hong Kong and China markets, adding fuel to claims that competition
for staff in Asia is heating up. However, it will also help build
up a team hit by the departure of Jimmy Lee to Clariden
Leu.

 

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Deutsche Bank wants to double the
size of its Asian wealth management business in the next three
years as it puts the region at the centre of its global growth
strategy.

Ravi Raju, head of Deutsche Bank
Private Wealth Management (PWM) for Asia-Pacific, said it had
recruited a five-member, Hong Kong-based team to expand its wealth
management business in Hong Kong and China.

The new Hong Kong appointments
are:

  • Jane Zhou, formerly at JPMorgan,
    as managing director and senior relationship manager;
  • Jeffrey Tai, formerly at JPMorgan,
    as director and team head;
  • Cedric Ko, formerly at JPMorgan,
    as director and senior investment adviser;
  • Meanny Leung, formerly at DBS
    Private Bank, as director and senior relationship manager,
    and;
  • Veronica Lam, formerly at Credit
    Suisse Private Bank, as director and senior relationship
    manager.

These are in addition to seven new
Hong Kong-based bankers that include former executives from Bank of
America/Merrill Lynch, Citi Private Bank, Credit Suisse Private
Bank, DBS Private Bank, JPMorgan, RBS Coutts and UBS Private
Bank.

 

Replacing lost
staff

The recruits help plug the gap left
when Jimmy Lee, Deutsche’s former South-East Asia head, moved to
Clariden Leu to head its Asian business, taking a number of staff
with him.

Deutsche Bank is just one of
several private banks, including Standard Chartered and Barclays
Wealth, making a significant investment to increase its ranks of
Asian-based relationship managers.

Raju said Deutsche Bank PWM now has
more than 70 relationship managers and investment advisers within
the North Asia team.

“We currently have more than 200
relationship bankers among a total staff of close to 700 in the
region, and we plan to add more than 30 relationship managers
during the course of 2010,” he added.

As at March 2010, Deutsche Bank PWM had €29bn ($36bn) in
invested assets regionally, a 16% increase from December 2009.

PEOPLE

Senior moves –
July

Country

Name

Moved from

Moved to

Old position

New position

Abu Dhabi

Gonzague de Cerval

Société Générale

Société Générale

Deputy chief representative, Abu
Dhabi

Head representative, Abu Dhabi

Dubai

Anthony Iliya

Credit Suisse

UBS

Head of asset management,
Asia-Pacific 

Chief executive, Middle East and
North Africa

Guernsey

Rick Denton

Meespierson/
Fortis-Intertrust

Barclays Wealth

Group commercial director

Head of clients and markets

Hong Kong

Veronica Lam

Credit Suisse

Deutsche Bank Private Wealth
Management

Unknown

Director, senior relationship
manager

Hong Kong

Meanny Leung

DBS

Deutsche Bank Private Wealth
Management

Unknown

Director, senior relationship
manager

Hong Kong

Cedric Ko

JPMorgan

Deutsche Bank Private Wealth
Management

Unknown

Director, senior investment
adviser

Hong Kong

Jeffrey Tai

JPMorgan

Deutsche Bank Private Wealth
Management

Unknown

Director, team head

Hong Kong

Jane Zhou

JPMorgan

Deutsche Bank Private Wealth
Management

Unknown

Managing director and senior
relationship manager

Switzerland

William Birkbeck

Société Générale

Société Générale

Head of the Americas and Asia,
corporate and investment banking

Deputy global market manager,
Latin America

Switzerland

Thierry Martin

UBS

Citi Private Bank

Head of Middle East and North Africa,
UK

Team head and senior banker,
Gulf region

Switzerland

Michael Strasser

Credit Suisse

Deutsche Bank Private Wealth
Management

Head of special coverage, UHNW
clients

Director, global South Asia

UK

Cem Pensoy

Union Bancaire Privée

Barclays Wealth

Vice-president

Senior banker, head of Turkey

US

Ronald Macleod

Baciu Family Capital

Rockefeller Financial

Managing partner

Senior vice-president

US

Larry Morgenthal

Unknown

Union Bancaire Privée Asset
Management

Unknown

US chief executive, alternatives
chief investment officer

US

Thomas Petrone

TAP Investments

Citi Private Bank

Unknown

Managing director and head of capital
markets, North America

Source: PBI