Deutsche Bank Private Wealth Management said yesterday that it has appointed additional senior relationship and investment advisory teams to serve the bank’s growing Southeast Asian client base of entrepreneurs, business leaders and wealthy families.
"As we continue to steer towards our stated goal of doubling the private banking business over the next three years, it is important that we remain committed to strategically hiring experienced senior bankers with deep relationships to cater to our surging client base of Asian entrepreneurs,” said Kwong Kin Mun, head of Southeast Asia at Deutsche Bank Private Wealth Management.
To that end the bank hired Arunrat Bovornvirakit, formerly with RBS Coutts, as a director and team head; Elizabeth Lee, also formerly with RBS Coutts, as a director and team head; and Bernard Wan, formerly at DBS private bank, as a director and senior investment adviser.
Other private bankers joining Deutsche in Singapore include: Cun Cun, formerly with ABN Amro Private Bank, and Lynne Low, formerly at DBS Private Bank, who will both join as vice presidents and relationship managers. Janus Yeo, formerly at DBS Private Bank, and Eddie Er, formerly at Societe Generale, are both coming on board as vice presidents and investment advisers.
Deutsche Bank Private Wealth Management now has more than 70 relationship managers and investment advisers in its Southeast Asia team.
“The wealth management business in Asia has grown rapidly by using the bank’s strong investment banking platform and offering unique services for entrepreneurs that cater for both personal and enterprise needs,” Ravi Raju, head of Deutsche Bank Private Wealth Management for Asia-Pacific said in a statement. “We remain focused on integrating relationship managers and specialists to better serve our ultra-high-net-worth clients. This includes deepening the relationship with our corporate and investment banking franchise to broaden the range of local and global investment opportunities that we offer.”
“We currently have more than 200 relationship bankers among a total staff of close to 700 in the region. Ultimately, our goal is to add more than 80 relationship managers across the region during the next two years,” Raju added.
In June the bank announced that 12 bankers had joined Deutsche Bank Private Wealth Management's North Asia team in the first half of this year.
As of June 2010, Deutsche Bank Private Wealth Management reported it had €29 billion ($40 billion) in invested assets regionally, a 15% increase from December 2009.