Deutsche Bank is expanding its US wealth management division with its team of relationship managers there to increase by 25 percent this year, according to Patrick Campion, head of Americas wealth management.
Mr Campion said he planned to hire bankers “who have a heritage of building strong books” from New York to California to Miami. His division is also “looking at” potential hires from the investment bank but has not made any yet.
He said: “We’re getting dollar investment going into the unit for headcount, there’s great access to the management board. The growth characteristics for our market is strong and it makes sense to invest in the US.”
North America’s rich are predicted to increase their net investible assets by 4.4 percent from 2016 to 2021, according to a recent report from consultants EY, who noted that although the rate was lower than the 4.7 percent global average, the US remains “extremely attractive”.
EY puts the net investible assets of those rich North Americans at $23.3 trillion as of 2016; more than twice the $9.4 trillion net investible assets of Asia’s rich, whose fortunes are expected to grow at a rate of 5.9 percent over the same time period.
The bank's US activity accounted for EUR 30 billion of the global wealth management AUM at the end of the second quarter where its global wealth management business has AUM of EUR 216 billion, a year on year increase from EUR 215 billion.
Switzerland’s UBS, the fourth largest wealth manager in the US by assets under management, is the only European bank on a list of the US’s top 10 wealth managers compiled by data portal Statista.
Deutsche Bank is a global investment bank with more than 78,000 employees in over 70 countries worldwide and a continuous growth in North America, Asia and key emerging markets.