Deutsche Bank plans to add more than 50 people to its wealth management team in Asia, including relationship managers, in the second half of the year, a spokesperson at the bank said.
Between 2014 and 2016, growth in Deutsche’s relationship manager team has remained flat at 200, according to Asian Private Banker. The bank’s assets under management fell in 2016 by 11 per cent from the year before to $47.4bn, making it the 12th largest private and and wealth manager in Asia.
Global banks have competed fiercely for wealth management talent in Asia in recent years as private wealth grows rapidly across the region.
Deutsche lost its lead banker, Ravi Raju, to UBS last year. Mr Raju oversaw the build-up of Deutsche’s asset and wealth management business in Asia, which was a central focus of expansion for the group in the region.
Lok Yim, formerly Deutsche’s head of investment solutions for North Asia, now leads the unit.