Jeffrey Yen Chieh Peng has been appointed as managing director and head of China onshore wealth management at Deutsche Bank Wealth Management, starting from today, according to a statement from the firm.
Peng will be based in Shanghai and oversee the onshore China wealth management business by managing and strengthening resources, the platform and operations.
He will be responsible for developing and executing long-term expansion strategies in the local market, as well as advising on Greater China business for the North Asia region, the statement noted.
“We see opportunities in onshore China markets as the high net worth client segment grows exponentially, while the environment grows increasingly business-friendly and promising,” said Kanas Chan, head of North Asia wealth management, in the statement.
“This hire is to support our global China strategy, investing in and strengthening our onshore and offshore China platform,” Chan added.
It is unclear whether the role is newly-created. A spokeswoman for the bank declined to comment, adding that she was unable to provide any further information.
Peng will report to Chan, Feng Gao who is chairman of Deutsche Bank China and Rose Zhu, the president of Deutsche Bank China.
Previously, he was at Bank of Singapore, where he was managing director and head of strategic alliances, as well as head of the IAM (independent asset manager) excellence centre for Greater China and North Asia. He was responsible for strategic development of BoS Securities in Greater China onshore and for building the independent asset manager business in Greater China and North Asia.
Prior to Bank of Singapore, he was with UBS for 11 years as executive director and head of wealth management investment products and services in China.
Deutsche Bank, the troubled parent bank, has been struggling with a restructuring, which has resulted in a failed merger with Commerzbank, plans to sell off assets and massive job cuts, among other emergency measures.
However, the bank said in July, when it revealed 18,000 job cuts, that the wealth management division, “remains a pillar of Deutsche Bank’s strategy”.
Tuan Huynh, head of discretionary portfolio management for Asia-Pacific, said previously he believes that the restructuring goals will not limit the growth plans of its Asia wealth management business.