(OnWallStreet) Deutsche Bank’s asset and wealth management unit is in growth mode in the U.S., hiring a string of managers and advisors.
The hires fit Deutsche Bank’s ambition to rely more on its asset and wealth management unit to maintain returns.
Michele Faissola, head of asset and wealth management for Deutsche, told reporters in London that executives expect the unit to be a “growth engine,” Bloomberg reported.
Recently, the Frankfurt-based firm updated its strategy, laying out goals of increasing its team of client advisors by 15% worldwide over the next three years and accelerating growth in the U.S. market through the hiring of senior professionals.
Jerry Miller, head of the asset and wealth management in the Americas, said that firm aims to be a leader in the U.S.
“Strategically acquiring top talent across our platform is one way in which we are fulfilling our ambitions in the region,” Miller said in an email.
He added, “We have been focused on expanding our reach based on client needs, and have made over a dozen hires in the past twelve months across the region.”
The focus on wealth management as a growth engine reflects similar trends at other large banks and firms such as Morgan Stanley.
“A lot of firms have overlooked wealth management in the past, but now many are looking to wealth management because it’s a natural extension of a lot of what they do,” says Bill Butterfield, an analyst with research firm Aite Group.
Butterfield adds that competition for high-net-worth and ultra-high-net-worth clients has heated up in recent years.
“Firms have a huge focus on that segment and want to take advantage of the services they already offer,” he notes.
Among the German firm’s most recent hires, the firm recruited advisors Matthew Coombe and Patrick Menerey for its private bank, J.J. Wilczewski as co-head of the Americas global client group, Deepak Khanna as head of U.S. large cap value equities and Thomas Clarke as head of lending and deposit products for the Americas.
Menerey and Coombe will be based in Los Angeles and serve ultra-high-net-worth clients.
Miller said that Deutsche has been increasing its presence in Southern California, Texas and the Southeast.