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July 7, 2021

Deutsche Bank adds five wealth managers from UBS

By Verdict Staff

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.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
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  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
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The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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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.”

“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.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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