UBS recruiting Deutche’s head of wealth management in Asia
(12 October 2016 – Singapore) UBS has poached rival Deutsche Bank’s Asia Pacific wealth management head Ravi Raju sources say.
The German bank later confirmed Raju's exit in a statement, adding its head of wealth management in North Asia Lok Yim would succeed him with immediate effect.
Raju joined Deutsche in 2007, and oversaw more than 700 employees in 15 locations. The region has emerged as a battleground for wealth managers as Western markets slow.
His departure, the second by a high-profile Deutsche banker in Asia in the last few months, comes as Germany's biggest lender is battling to contain the damage from a U.S. demand for a US$14 billion settlement over the sale of toxic mortgage bonds before the financial crisis. Concerns over Deutsche Bank have also shaken global markets.
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