Sal Oppenheim Jr & Cie can add 10 per cent in net new money annually after an initial phase of focusing on existing clients, according to the German publication Handelsblatt, citing an interview with Pierre de Weck, Deutsche Bank’s head of private wealth management.

Sal Oppenheim will have separate management and an independent investment process and will compete with Deutsche Bank, the newspaper said.

Deutsche Bank bought Sal Oppenheim in October and part of the Luxembourg-based business is being put up for sale. Yesterday, Reuters reported that Australian banking group Macquarie is about to agree to take over Sal Oppenheim’s derivatives business, citing unnamed sources.

A deal to sell the unit is expected shortly, sources told the news agency. Sal Oppenheim did not comment.