<article><a style="color: #000080;" href="https://www.dealstreetasia.com/?s=deutsche">Deutsche Bank AG</a> is stepping up hiring for its Asian wealth-management business as part of a “multi-year” expansion to bolster a unit that has lost key executives and assets in recent years.</article>

<a style="color: #000080;" href="https://www.dealstreetasia.com/?s=deutsche">Deutsche Bank AG</a> is stepping up hiring for its Asian wealth-management business as part of a “multi-year” expansion to bolster a unit that has lost key executives and assets in recent years.
Deutsche Bank Wealth Management plans to add 50 client-facing positions including relationship managers during the second half of the year after hiring 13 employees last month, Lok Yim, the unit’s Asia-Pacific head, said in a phone interview Thursday. He declined to spell out the hiring target for relationship managers, which totaled close to 200 as of December at his unit.
Yim is trying to rebuild the German bank’s wealth business in Asia, which has suffered two years of declining assets under management amid tighter regulations globally that has prompted banks to relinquish non-compliant clients. While it’s in the midst of a broader turnaround plan, Deutsche Bank’s willingness to invest in Asia reflects how serving the region’s rich is becoming a pillar of banking.
Last year “was clearly a year that had a huge amount of uncertainties,” Yim said. “We also had some turbulence and people moving last year. We have had a degree of attrition. But we have proven that we can recover very, very well.”
Yim was previously Deutsche Bank’s North Asia wealth management chief and was named to lead the region after Ravi Raju left last last year to join <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=ubs">UBS Group AG</a>. Deutsche Bank also lost Anurag Mahesh, who was then its Singapore-based global head of key client partners, to the Swiss bank around the same time.
Client assets at Deutsche Bank’s Asia wealth unit slumped to $45 billion at the end of last year from $52 billion in March 2015, according to data on the firm’s website. That amount had risen to $48 billion as of March this year.
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Bloomberg

Deutsche Bank AG stepping up hiring for Asian wealth-management business to bolster unit that has lost key executives and assets in recent years.

Deutsche Bank plans Asia wealth expansion with 50 new hires

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