Deutsche to expand wealth management in UK
(22 August 2017 – Europe) Deutsche Bank is planning to expand its wealth management operation in London.
The expansion plans come as the bank decided whether or not it should shift other jobs out of the United Kingdom as a result of Brexit.
Deutsche Bank’s head of wealth management for Europe, the Middle East and Africa (EMEA), Peter Hinder, does not believe the UK’s exit from the European Union (EU) will affect the private bank.
“The UK or the London region is like a magnet for wealth,” he said. “They like London because they speak English, it is an Anglo-Saxon law system which they already know from the Hong Kong region, and so on.
“There are a lot of benefits which won’t go away with Brexit.”
Reports indicate that the German bank plans to hire around 20 private bankers throughout the remainder of 2017 across the UK, Switzerland, Italy and the Middle East. The UK private bank arm currently has fewer than 10 senior bankers focused on British wealth management.
The reports follow that of Swiss private bank, Julius Baer having announced expansion plans witin the UK with three additional offices.
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