The asset management unit of Deutsche Bank is seeking to double the number of financial staff in London to 600 over the next five years, according to Financial News.

The move comes as part of the firm’s expansion strategy by Michele Faissola, head of Deutsche Asset & Wealth Management.

In London, DeAWM currently manages assets worth €55 billion in the London office out of its global €930 billion.

Faissola said: "London’s crucial for our growth aspirations. There’s an almost unique concentration of financial industry talent in the city, especially to meet the needs of sophisticated ultra high net worth clients."

Faissola added that he is also planning to developing alternative investment strategies and advisory work to the super-rich, the two areas that are expected to achieve bottom-line growth of 25% a year.

Among the alternative investment strategies, Faissola will particularly focus on real estate for wealthy investors and institutions.

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Additionally, Deutsche Bank is planning to recruit additional debt and equities sales executives in Birmingham after seeing revenues from clients serviced from the office more than double.

The bank is seeking to hire 170 front office staff in Birmingham by the end of the year, with 100 more planned later.