The German lender is poaching a team of five UBS private bankers, the latest in a series of hires from bigger rivals as it seeks a bigger chunk of the wealth management market.
Frankfurt-based Deutsche Bank is hiring Raoul Zehnder (pictured below), a Swiss banker specialized in ultra-rich clients, effective October 1, it said in an emailed statement on Tuesday. Currently a managing director at UBS' private bank, Zehnder will look after Deutsche's ultra-rich and family office clients, especially U.K. residents (non-domiciled) and those in Northern Europe.
Deutsche is hiring part of his UBS team as well, including Patrik Minuscoli and Michael von Mecklenburg, two senior private bankers, Philipp Portenier, a senior investment manager, and Vincent Weisse, an account manager. The expectation is clear: Zehnder and his team are to support Deutsche's desire to win market share with Europe's ultra-wealthy.
Second Major Hire
His is the second big hire from UBS in eight months: Deutsche last year poached James Whittaker, a noted U.K. private banker. Zehnder, who will report to the wider region's wealth boss Marco Pagliara, will maintain another reporting line to Whittaker, who oversees Deutsche's business with super-rich clients based in Britain.
«We will continue to hire the best people in the industry to serve clients across the region in support of our ambitious growth agenda,» Pagliara said in a statement. The overall wealth unit, overseen by ex-Credit Suisse banker Claudio di Sanctis, narrowed its pre-tax loss last year, having finally freed itself of major costs from winding down Sal. Oppenheim.
