Deutsche Bank is hiring Swiss bank Vontobel's former chief investment strategist. The move is part of the battered German bank's efforts to bolster its business with the world's wealthy.
Frankfurt-based Deutsche Bank is hiring Gregor Hirt as head of discretionary portfolio management in its private bank, according to a memo seen by finews.com. A spokesman for the bank confirmed the hire, which is effective immediately.
The hire is part of a broad push by the German lender to revive its private bank, as it pares back or exits traditional strongholds like equity sales and trading and prime brokerage. Deutsche has snapped up a coterie of private banking and money management veterans, including Credit Suisse's Claudio de Sanctis and Goldman Sachs’ Marco Pagliara, to do so.
Discretionary Push
Hirt was most until February chief strategist and «talking head» at Vontobel, a job he held for less than two years. Currently based in Zurich, he is moving to Frankfurt and reports to the bank's overall investment chief, Christian Nolting.
The Swiss native was previously global chief strategist for multi-asset funds at UBS, and worked for British asset manager Schroders and Credit Suisse before that. Hirt is tasked with hiking Deutsche's share of assets managed discretionarily on behalf of wealthy clients, from currently 52 billion euros ($58 billion).
