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 as part of the strategy to expand
its wealth management business in Hong Kong and China.

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The new Hong Kong appointments include:

  • Jane Zhou, formerly at JP Morgan, as managing director and
    senior relationship manager
  • Jeffrey Tai, formerly at JP Morgan, as director and team
    head
  • Cedric Ko, formerly at JP Morgan, as director and senior
    investment adviser
  • Meanny Leung, formerly at DBS Private Bank, as director and
    senior relationship manager
  • 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, JP Morgan, 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, resigned to move to
Clariden Leu to head its Asian business, taking a number of
Deutsche staff with him.

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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 over 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.