Deutsche Bank is not pursuing takeovers in asset and wealth management, a business the bank is seeking to grow rapidly, the German bank’s co-CEO Anshu Jain said.
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"We have had a lot of growth through acquisition in the past years. We are still in the process of integrating Sal. Oppenheim," Jain was quoted as saying by Reuters.
"I think it is very important for Michele to take the businesses that he has and turn it in to a cohesive business," Jain said, referring to Michele Faissola, head of the bank’s asset and wealth management division. "We have to stay organic, focussed," he added.
Deutsche Bank promoted Faissola last June to boost earnings from its asset and wealth management unit.
As part of strategy to grow wealth management business, Jain and his top bankers are also meeting with super-rich clients.
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By GlobalData"We’re hosting a dinner tonight," Jain told reporters in Frankfurt. Ultra-wealthy clients "want to feel the confidence that they have access to the top management in any organization they give their personal wealth to," he said.
These moves are part of the German bank’s strategy to close the gap on the wealth units of UBS and Credit Suisse. UBS has more than US$1.5 trillion under management compared with Deutsche Bank’s EUR297 billion at the end of 2012.
