Deutsche Bank Private Wealth Management (PWM) has hired some of the region’s most senior relationship bankers in order to serve the bank’s growing client base of entrepreneurs, business leaders and wealthy families in Hong Kong.
The bankers, who will begin work at Deutsche Bank Private Wealth Management on Wednesday 12 March, consist of six former executives from JP Morgan Private Bank in Hong Kong.
They include Margaret Kwong – the former head of JP Morgan Private Bank’s 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 Pacific; Wendy Kong, who has been appointed managing director and relationship manager; Alice Chow, who has been appointed managing director and investment adviser; Wilfred Ng, who has been appointed director and investment adviser; Wayne Wai, who has been appointed director and relationship manager; and Frederick Fong, who has been appointed vice president and relationship manager.
Ravi Raju, head of Deutsche Bank Private Wealth Management, Asia Pacific, says Deutsche Bank PWM has been very successful in realising synergies with Deutsche Bank’s broader investment banking business, and has been able to attract the best in the market in order to serve the bank’s growing client base.
“Deutsche Bank Private Wealth Management in Asia Pacific and Hong Kong has grown rapidly by leveraging the Bank’s strong investment banking platform and offering unique services for entrepreneurs which cater for both their personal and enterprise needs. To 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,” says Raju.
“Our 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,” adds Toong.
Deutsche Bank Private Wealth Management recorded a 19% growth in invested assets in Asia Pacific in 2007 and now manages 22 billion on behalf of clients in nine markets in Asia Pacific.
The bank differentiates itself through a strong on-shore presence around the region, with branches in Hong Kong, Shanghai, Tokyo, Mumbai, New Delhi, Bangalore, Chennai, Taipei, Bangkok, Singapore, Jakarta, Surabaya, Sydney and Melbourne.