Deutsche Bank seeks to expand its wealth management business in the area of family offices and is also planning to launch various product categories like Exchange Traded Funds (ETF) into other geographies, the Reuters report said.
"We seek to grow in three years by 50% the number of relationships by investing in client advisors and leveraging the bank," Reuters quoted Deutsche Bank’s new head of the unit Michele Faissola as saying.
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He added that a strong investment bank franchise in Asia, Eastern Europe and the Middle East would give the bank access to entrepreneurs and other wealthy individuals.
"We have scale, the issue is it was never leveraged," he further added.
The ultra-rich clients market is traditionally dominated by Credit Suisse and UBS.
Till May this year, the German bank was looking for potential buyers for its wealth management business.
