Based in Taipei, Chao will be responsible for managing and overseeing DeutscheÆs entire private wealth management franchise in Taiwan, which it says has ôa rapidly expanding client base of entrepreneurs and wealthy familiesö. He will report to Hong Kong-based Kenneth Toong, who is head of private wealth management for North Asia.
Toong notes that ChaoÆs experience in Taiwan will be a ôhuge assetö for Deutsche as it continues to build its onshore business here. Indeed, Chao had a similar role at Citi where, according to the release, he was an executive director and chief officer of Citi Private Bank Taipei. As such, he was responsible for building and managing the US bankÆs onshore capabilities in Taiwan.
Before joining Citi, Chao was a vice-president at JPMorgan, which is also where he began his banking career.
DeutscheÆs private wealth management division focuses on the needs of high-net-worth clients and has a total of Ç194 billion ($300 billion) under management through a network of over 85 offices in more than 30 countries worldwide. Some Ç22 billion of that is managed on behalf of clients in Asia-Pacific. The value of its private wealth assets invested in this region grew by 19% in 2007.