Deutsche Bank has named Igor Soglayev as the new head of its Private Wealth Management in Russia, replacing Vladimir Pakhomov who had led the unit since January 2008.

Mr Soglayey, who took up leadership of the division this week, has a mandate to further enhance Deutsche’s wealth management business in the region, including product and servicing development and building the firm’s marketing presence. 

In his Moscow-based role, Mr Soglayey reports to Hannes Oelschlegel, head of Deutsche Bank Private Wealth Management in Russia, Eastern Europe and Turkey.

Prior to joining Deutsche Bank, Mr Soglayey was chief executive and chief investment officer of a Russian family office, having also recently worked as an advisor for a number of Russian private equity firms and HNW families.

Mr Oelschlegel commented: “I am confident that under Igor’s leadership Deutsche Bank’s wealth management business in Russia will continue to expand and thus help us to increase our position and competitive advantage in the Russian market”.

Deutsche Bank said in a statement it was committed to further expanding its wealth management presence in Russia, Eastern Europe and Turkey.

Elsewhere, in October Deutsch Bank’s private and business clients division announced it would create 2,500 advisory positions across Germany and European core markets over the next four years.

The expansion of Deutsche Bank’s wealth management team will however be accompanied by large-scale cuts in other areas of the workforce.  There are plans to restructure administrative activities and processes in banking services in order to reduce the number of European back-office jobs by 1,100.

Deutsche Bank’s wealth management division has global client assets of approximately $253 billion, and employs a staff of over 4,200 across 91 offices.  As a whole, the bank’s payroll totals over 80,000 employees worldwide.