Deutsche Bank Looking to Grow Asia Wealth Unit With New Hiresby
Plans to add 25 new relationship managers each year in region
Seeking to serve clients with $5 million-$20 million of assets
Deutsche Bank AG is looking to grow its wealth management business in the Asia-Pacific region, hiring staff as it tries to attract a new category of clients with assets of less than $20 million.
The Frankfurt-based bank will add 25 relationship managers annually in Hong Kong and Singapore over the next five years, said Ravi Raju, Asia-Pacific head of wealth management, in a phone interview. The resulting additional 125 staff would boost total Asia-Pacific relationship manager headcount by more than 50 percent from the approximately 200 staff it had at the end of 2015.
“Wealth has been defined as a core business and in that context, Asia is a key market to us,” said Raju. He said the growth would be organic, and the bank isn’t looking to expand via acquisitions.
Other large banks, including UBS Group AG and Credit Suisse Group AG, are seeking to grow their wealth management businesses in Asia to cater for the expanding population of rich people in the region. Credit Suisse has announced plans to boost the number of its relationship managers in the Asia-Pacific region to about 800 by 2018, from 590 in 2015.
At the moment, Deutsche Bank mostly serves clients with assets of more than $20 million, and the expansion plan will involve seeking new customers with assets in the $5 million to $20 million range, Raju said.
Deutsche Bank runs Asia’s eighth largest private bank with total assets under management of $66 billion, according to Asian Private Banker.