Deutsche bolsters North Asia capability
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.
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.
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PEOPLE
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Senior moves –
July
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Country
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Name
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Moved from
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Moved to
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Old position
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New position
|
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Abu Dhabi
|
Gonzague de Cerval
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Société Générale
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Société Générale
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Deputy chief representative, Abu
Dhabi
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Head representative, Abu Dhabi
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Dubai
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Anthony Iliya
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Credit Suisse
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UBS
|
Head of asset management,
Asia-Pacific
|
Chief executive, Middle East and
North Africa
|
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Guernsey
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Rick Denton
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Meespierson/
Fortis-Intertrust
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Barclays Wealth
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Group commercial director
|
Head of clients and markets
|
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Hong Kong
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Veronica Lam
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Credit Suisse
|
Deutsche Bank Private Wealth
Management
|
Unknown
|
Director, senior relationship
manager
|
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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
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Switzerland
|
William Birkbeck
|
Société Générale
|
Société Générale
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Head of the Americas and Asia,
corporate and investment banking
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Deputy global market manager,
Latin America
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Switzerland
|
Thierry Martin
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UBS
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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
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|
UK
|
Cem Pensoy
|
Union Bancaire Privée
|
Barclays Wealth
|
Vice-president
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Senior banker, head of Turkey
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US
|
Ronald Macleod
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Baciu Family Capital
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Rockefeller Financial
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Managing partner
|
Senior vice-president
|
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US
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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
|
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Source: PBI
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