Mark Peters takes over where Gloria Nelund leaves off. Former Citigroup executive Mark Peters has joined Deutsche Bank as head of its U.S. private-wealth group. He replaces Gloria Nelund, whose departure was presaged several months ago in an internal memorandum from Pierre de Weck, head of Deutsche’s Private Wealth Management (PWM) unit.

Nelund “successfully transformed” Deutsche’s U.S. private-wealth group and leaves it “with a focused organization in place and a clear growth strategy underway,” de Weck says in the May 2005 memo. Now he says that Peters – who was head of Citigroup’s U.S. high-net-worth group – “has a strong background and proven track record in brokerage and private banking, which will help us to coordinate our businesses to offer a full array of tailored solutions for our clients.”

Peters has worked with private clients for 24 years. Prior to joining Citigroup he was a managing director of Credit Suisse First Boston’s Private Client Services group. Before that he was a private-client relationship manager with gs.com Goldman Sachs.

The transformation of Deutsche’s U.S. private-wealth group that de Weck mentions in his memo seems to have been a process of getting rid of its investment-management entities in favor of a non-proprietary investment-planning approach. In 2004 Deutsche sold Scudder Private Investment Counsel, which it acquired in 2002 through its $2.5-billion purchase of Zurich Investments ' U.S. operations. The Boston office went to Eaton Vance last summer; Legg Mason agreed to buy the remaining New York, Philadelphia, Cincinnati and Chicago offices late last fall.

Back when Deutsche sold the Scudder PIC offices to Legg Mason, Nelund said the deal was “consistent with PWM’s mission and commitment to offer U.S. clients a comprehensive wealth advisory approach,” which, she added, “differs from [Scudder] PIC's investment-centered business.” –FWR

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