Deutsche Bank has reportedly hired five senior wealth managers from its Swiss rival UBS as part of its ongoing efforts to bolster its Swiss-based private banking business.

The German lender has appointed Raoul Zehnder, currently a managing director at UBS private bank, to lead the new team, Reuters reported.

Zehnder is a Swiss banker specialised in ultra high net worth (UHNW) customers.

The newly hired team will cater to the UHNW individuals and the family offices that manage their wealth, with focus on British and Northern European customers.

The team includes UBS team senior private bankers Patrik Minuscoli and Michael von Mecklenburg, senior investment manager Philipp Portenier and account manager Vincent Weisse.

Commenting on the development, Deutsche Bank head of international private banking for the EMEA Marco Pagliara was quoted by Reuters as saying: “Today’s announcement is a strong sign of the commitment and progress Deutsche Bank’s EMEA Wealth Management business is making in this strategically important region.”

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By GlobalData

“We will continue to hire the best people in the industry to serve clients across the region in support of our ambitious growth agenda,” Pagliara added.

Recent developments at Deutsche Bank

Earlier this week, Deutsche Bank made a slew of new appointments to strengthen its wealth management arm in Southeast Asia.

The lender appointed Terence Leong as group head for South East Asia. The former HSBC executive directly reports to the head of Southeast Asia wealth management Shang-Wei Chow.

Separately, it also hired bankers Lynn Aw and Derek Teo, both of whom have been team members of Terence since he was with UOB Private Bank.

The German lender registered a $1.1bn profit in Q1 2021, surpassing forecasts, compared to a loss of €43m in the same quarter of 2020.

It is said to be the bank’s the best quarterly profit since 2014.