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January 11, 2022

Deutsche Bank appoints new chief for UK wealth unit

By Verdict Staff

Deutsche Bank has reportedly appointed James Whittaker as the CEO of its UK wealth management business as it looks to further tap into the country’s ultra-high-net-worth segment.

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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.
  • 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.
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by GlobalData
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Whittaker, who previously worked with UBS as its head of UK coverage, will lead DB UK Bank in the coming months, Bloomberg reported, citing an internal memo sent to employees.

He will replace Michael Morley, who has led the German lender’s UK business since 2017.

The new appointment comes as Deutsche Bank strengthens its focus on serving the ultra-rich.

It also hired Adam Russ from Goldman Sachs to co-head lending to the UHNW in Europe, Africa and the Middle East.

According to the memo, Russ will join the board of DB UK Bank along with the unit’s COO Paul Chapman.

Recent appointments at Deutsche Bank

In November last year, Business Times reported that Deutsche Bank’s wealth management arm made three strategic appointments to its South-east Asia team.

The bank named Edmund Tee as vice-president, Felicia Tan as director and team leader, and Dita Darmawan as director at the unit.

The same month, Deutsche has hired a team of private bankers from rival HSBC, including Paul Sayers as head of its international private bank in Africa.

In August last year, the lender named Dominique Jooris as the head of its wealth solutions unit for the Asia-Pacific region.

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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