Frankfurt-based bank culls foreign-exchange specialists from Swiss rival UBS. Deutsche Bank's Global Markets group has established a London-based team to provide ultra-high-net-worth clients stepped-up access to foreign-exchange markets.

The initiative, which combines "the award-winning FX knowledge of Global Markets with the relationship management capabilities of [Deutsche Bank's] Private Wealth Management (PWM)," is meant for wealthy individuals and families that require institutional-like coverage consistent with their size and sophistication," says Frankfurt-based Deutsche Bank.

Old colleagues

FX -- long a focus for institutional investors -- is in the early stages of adoption by high-net-worth investors. With recent market turbulence, however, Deutsche Bank expects to see more private clients looking for global investment opportunities -- and to FX services to facilitate hedging and exchange-risk mitigation.

"Wealthy clients, especially ultra-high net worth individuals are becoming more demanding in terms of investment solutions and are increasingly looking for an institutional level of service," says David Campbell, head of investments and sales at Deutsche Bank PWM.

Roger Posch, who joined Deutsche Bank from Zurich-based UBS last month, will lead the German bank's private-client FX team. He is joined in London by three additional ex-UBS staffers -- Christoph Ehrbar, Ian Henderson and Nadeem Ladki. In Zurich, the new private-client FX team also includes former UBS sales executive Martin Brunner and, from Credit Suisse, Leong Kwok Liew.

Deutsche Bank PWM has about 80 offices in 30 countries. -FWR

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