The German private wealth management arm of Deutsche Bank plans to contract its art consultancy service, while expanding the art financing side of the business, WealthBriefing can confirm.

Deutsche’s step towards restructuring was made after the firm re-assessed its business due to the economic downturn and concluded that the private wealth management business does not provide the returns it should, a spokesperson told this publication.

The restructuring will result in only one person being available for consultation with wealthy clients about their art collections, rather than the current three; the rest of the staff will deal with art financing such as loans with art used as collateral.

Deutsche plans to expand this service across the firm, and that includes countries other than Germany.

“We are working on an expansion, but it is too early to disclose details,” the spokesperson said, adding that the bank’s own art collection will not be affected by the restructuring.