Private bankers leave JPMorgan in Hong Kong

Six former executives from JPMorgan Private Bank in Hong Kong move to Deutsche Bank's private wealth management business.
Deutsche Bank private wealth management announced Tuesday that it has hired six former executives from JPMorgan Private Bank in Hong Kong.

The bankers, who will begin work at Deutsche today, include Margaret Kwong, the former head of JPMorgan Private BankÆs Hong Kong coverage team, who will join as managing director reporting to Kenneth Toong, head of Deutsche Bank private wealth management North Asia and deputy head Asia-Pacifice.

Other former JPMorgan private bankers moving over to Deutsche Bank include: Wendy Kong who takes on the role of managing director and relationship manager; Alice Chow who becomes managing director and investment adviser; Wilfred Ng who joins as director and investment adviser; Wayne Wai, who was appointed director and relationship manager; and Frederick Fong, who rounds out the team by joining as a vice-president and relationship manager.

Ravi Raju, head of Deutsche Bank private wealth management Asia-Pacific, says the private wealth division has been very successful in realising synergies with Deutsche BankÆs broader investment banking business, and has been able to attract the best in the market in order to serve the bankÆs growing client base.

ôTo be able to hire individuals of this calibre sends a strong message to our clients, prospective clients and employees about the strength of our platform in Hong Kong and our broader strategy,ö says Raju.

Kenneth Toong, adds: ôOur Hong Kong business has been successful due to the ability of our talented employees to meet the complex needs of local high-net-worth investors. We believe the addition of these new senior employees will complement our existing team well, and be of great benefit to our entrepreneurial and family clients.ö

Deutsche Bank private wealth management recorded a 19% growth in invested assets in Asia-Pacific in 2007 and now manages Ç22 billion on behalf of clients in nine regional markets, with offices in Hong Kong, Shanghai, Tokyo, Mumbai, New Delhi, Bangalore, Chennai, Taipei, Bangkok, Singapore, Jakarta, Surabaya, Sydney and Melbourne.
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