Family Office

Deutsche Bank plunders JPMorgan specialist group

FWR Staff 20 June 2006

Deutsche Bank plunders JPMorgan specialist group

Seven veterans poached to establish financial-sponsors wealth advisory team. Seven senior banking professionals have left JPMorgan Private Bank to join Deutsche Bank’s U.S. Private Wealth Management (PWM) business. The newcomers will form a new financial-sponsors group within the unit – that is, they’ll be setting up an advisory group designed to provide personal wealth-management services to financial sponsors.

Dash for the door

Elizabeth Engel, a veteran of Chase, JPMorgan Private Bank’s owner, joins Deutsche’s financial sponsors team as a managing director and structured-lending specialist. Caroline Holl, Steven Young and Jan Wysocki come in as managing directors as well, though their responsibilities will be in the realm of generalized private banking. David Carpenter and Fabio Lindia have joined Deutsche as directors: Carpenter will concentrate on lending, in part supporting Engel’s efforts; Lindia will concentrate on private-banking support. Deirdre Cherry will join as a director and head of lending in Deutsche’s western U.S. region.

All but San Francisco-based Cherry will work out of New York. |image1|

“Adding senior banking and structured lending specialists to cover the important financial sponsors segment is a vital component of our US strategy to focus client segmentation efforts on primary wealth-creating sectors of the economy,” says Thomas Bowers, who is in charge of U.S. PWM.

Mark Epley, head of financial-sponsors coverage for Deutsche’s U.S. Global Banking, says that financial sponsors have long been a focus for the German bank. “We have built an extremely strong sponsor franchise based on our ideas, our financial strength and our ability to meet and exceed their needs, and we are confident this new PWM team will continue in that tradition.”

In 2004, UBS lifted out all but one of a JPMorgan Private bank advisory team dedicated to advising insurance professionals – a group that sat beside the financial sponsors group on the 10th floor of the private bank’s drab and labyrinthine headquarters at 345 Park Avenue in New York.

Deutsche’s PWM provides U.S.-based high-net-worth clients with investments, risk-management strategies, credit, trust and estate services, wealth-transfer and philanthrophic planning and family-office services. In addition to Boston and Los Angeles and its headquarters in New York, it has offices in San Francisco, Orange Co., Calif., Chicago, Greenwich, Conn., and Palm Beach, Fla. –FWR

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