Deutsche Bank is revamping its investment advice for wealthy clients, finews.com has learned. An Asian banker is taking over following the exit of a well-known Swiss banker.
The German lender's revamped its European wealth arm under Claudio de Sanctis last week with a hiring offensive that includes poaching from Goldman Sachs and Credit Suisse, as finews.com reported. On Monday, it emerged separately that Swiss banker Stephane Junod will leave Deutsche Bank, according to a memo seen by finews.com.
Junod, a ten-year veteran of Deutsche who worked out of Geneva, will be replaced by Tuan Huynh (pictured below), who is the bank's investment chief in Asia-Pacific. A spokesman for Deutsche confirmed the changes outlined in the memo.
The move represents a renewed bid by Deutsche to win more recurring business from the world's wealthy by enticing them into discretionary mandates, which generate regular and predictable income.
«An important pillar of that growth will be the recurring fee business to which wealth discretionary belongs», overall wealth investment boss Christian Nolting said in the memo.
Singapore to Frankfurt
Deutsche said it will move Huynh from Singapore to Frankfurt. Until arrangements for the seven-year Deutsche veteran's move to Germany are finalized, Nolting will stand in for him in Europe.
The moves come as Deutsche and Commerzbank discuss a potential merger at the German government's urging. The talks cast uncertainty over the general future strategy including on wealth for Deutsche, which has been mired in difficulties for years and is on its third CEO in four years.
