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Deutsche Bank WM to make 50 hires in Asia

Deutsche Bank WM to make 50 hires in Asia

Deutsche Bank Wealth Management is hiring 50 client-facing staff, including relationship managers, in Asia-Pacific as it builds out its coverage of high net worth individuals in the region.

The bank is looking to hire a total of 100 client-facing employees in high growth markets globally, and will invest $73 million in client technology, it said in a statement on Tuesday.

'Asia is full of potential with its emerging wealth growth trend. In fact, with double digit revenue growth, WM APAC enjoyed the strongest first quarter in recent years,' Lok Yim, head of Deutsche Bank Wealth Management, Asia-Pacific, said in an email.

That investment includes upgrades to client-facing tools, and a new ‘digital core offering’ that includes features such as customised analysis from its CIO team, and portfolio health checks.

Yim said that the bank was not working to any specific timescale for hiring, and '[didn't] mind spending time to look for the best talents.'

The firm has been on a hiring spree since the start of 2017.

Most recently, it made four senior RM hires for Greater China and nine hires in Hong Kong, Singapore and Dubai for client coverage, project management, IT and Know-Your-Client activities.

Deutsche Bank Wealth Management separated from the company’s asset and wealth management division in late 2015, becoming part of the private and commercial bank unit.

Deutsche Bank WM experienced a tumultuous 2016, with several high-profile staff departures, including veteran banker Ravi Raju, and fund outflows following the bank's hefty fine of $7.2 billion in the US for mis-selling mortgage backed securities before the global financial crisis.

'With the bulk of legacy litigation being settled and now uncertainty has been removed, it’s time for us to grow and be a top 5 player that we deserve to be,' Yim said.

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