Deutsche Bank Wealth Management has poached Jeffrey Yen Chieh Peng from Bank of Singapore (BoS) to lead its onshore wealth management business in China.
Peng will be tasked with enhancing the resources of the onshore China wealth management business as well as devising long-term expansion strategies.
He will operate out of Shanghai and report to the head of North Asia wealth management Kanas Chan, Deutsche Bank (China) chairman Feng Gao and Deutsche Bank (China) president Rose Zhu.
At BoS, Peng was the managing director and head of strategic alliance and IAM Excellence Centre for Greater China and North Asia.
He oversaw the development of BoS Securities in Greater China onshore and the independent asset manager business in Greater China and North Asia.
He also spent 11 years at UBS, where he served as the head of wealth management investment products and services in China.
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“We see opportunities in onshore China markets as the high-net-worth client segment grows exponentially, while the environment grows increasingly business-friendly and promising,” Chan noted.
Deutsche Bank has had a troubled past, which triggered a massive restructure that included 18,000 job cuts.
The bank now looks to drive growth by focusing on wealth management.
This July, the bank hired 13 bankers from Credit Suisse in Italy, a move that aligns with this plan.
Last month, Deutsche Bank hired three bankers from Julius Baer to strengthen its wealth management business in South Asia.