Deutsche Bank eyes wealth management expansion in London
Zurich — Deutsche Bank wants to significantly grow the number of private bankers it employs in London, its head of wealth management for Europe, the Middle East and Africa (EMEA) said, in a sharp contrast to plans to scale back its UK investment bank. Despite having thousands of employees at its London investment bank, Deutsche has fewer than 10 senior bankers focused on British wealth management and Peter Hinder said it had "underutilised" the UK market. "The UK or the London region are like a magnet for wealth," Hinder said in an interview. Uncertainty over Britain’s future access to the European Union saw Deutsche Bank beefing up its presence in Frankfurt. However, the ability to serve the EU from London carries less weight in private banking. "We see increasing inflows coming from Asia, for example Chinese clients," Hinder said. "They like London because they speak English, it is an Anglo-Saxon law system which they already know from the Hong Kong region, and so on. There are a ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.