The bank just recently hired a team of four in Hong Kong to cover clients in Greater China. All four executives joined from The Bank of East Asia.
Deutsche has traditionally focused on the UHNW client base in Asia, but has a strategy to expand the discretionary mandate target to high net worth – clients with $5m-$25m in investible assets.
The rest of the planned new hires will focus on covering entrepreneurs in the US and ultra high net worth clients in the UK, Middle East and other parts of the Europe, Middle East and Africa market, the bank said in a statement.
The firm said it will also invest an additional €65m ($72.75m) in client-focused digital technology, including building an offering that includes features such as a “customised chief investment office news” and portfolio health checks, according to the statement.
“Deutsche Bank Wealth Management is making significant investments in growth, targeted at opening up brand new relationships in high-growth markets and in meeting the needs of our clients to interact with them in new digital ways,” Fabrizio Campelli, global head of Deutsche Bank Wealth Management, said in the statement.
Last year, the IMF called financially-troubled parent company Deutsche Bank AG the greatest risk to the global financial system.
Tuan Huynh, the head of discretionary portfolio management for DB WM in Asia-Pacific, told FSA in a previous interview that he believes the bank’s wealth management business goals will not be limited by the parent bank’s restructuring plan.
