Deutsche Bank’s private banking arm is planning to increase its number of South Asian-focused private bankers by 40 per cent, as part of a strategy to double its assets under management, according to a senior banker at the firm speaking at the Reuters Global Private Banking Summit.

The firm wants to tap into the many high net worth Indian families whose wealth is spread across multiple countries, in cities such as Singapore and Hong Kong, according to Ajay Jaiswal, head of the South Asian diaspora unit at Deutsche Bank Private Wealth Management.

The firm has 60 people focusing on wealthy clients of Indian, Pakistani and Sri Lankan, amongst other, origin. The bank recognises the multi-generational opportunities as wealth transfers down the family, he said.

Deutsche Bank is one of several recent wealth and private banking institutions looking into the wealth of the South Asian diaspora as a key market. Most recently Barclays Wealth hired a senior executive to head up its non-resident Pakistani operations in EMEA.