Deutsche Bank is ramping up its wealth management operations, as previously reported.

Deutsche Bank’s wealth arm has appointed Gregor Hirt as global head of wealth discretionary, from Vontobel, this publication can report. Another hire, taking up the post today, is Marwa Alani, head of the London Middle East desk. The moves are part of a wider strategy by the bank, as reported here in July, to add about 300 wealth management roles by 2021.

Hirt is based in Frankfurt and reports to Christian Nolting, global chief investment officer and head of wealth discretionary, at Deutsche Bank Wealth Management.

With more than 20 years of industry experience, Hirt has held many senior leadership positions at UBS, Schroders and Credit Suisse, including those of regional chief investment officer and regional head and chief strategist. He has been based in Zurich and New York, and has covered institutional clients, foundations, sovereign wealth funds and ultra-HNW individuals. 

Marwa Alani, named head of the London Middle East desk, has joined from Emirates NBD, where she was the head of the United Arab Emirates/Pan Gulf Cooperation Council private banking team.

The wealth arm of the bank has approximately 900 staff, including RMs and investment management figures.

Deutsche said that its business build-out will concentrate on five main areas: global China growth, notably offshore wealth for ultra-high net worth and high net worth clients; the Americas -  entrepreneurs, with new coverage staff in areas such as the US West Coast and offshore Latin America; European market penetration, leveraging its market leadership with established families and mid-sized company owners in Germany and building out in areas such as southern Europe and the UK; emerging UHNW wealth in South East Asia, the Gulf region and with non-resident Indians; and family offices, working with the bank’s corporate and investment bank and asset management arm DWS.

While Germany’s largest bank has been pushing to improve profitability and scale, flirting with rival Commerzbank for a merger deal (subsequently abandoned), the move suggests that its leadership sees wealth management as an important growth area. This will put it up against European, American and international rivals such as UBS, HSBC and JP Morgan. Like those banks, it has also reduced its investment banking risk exposures following tighter capital rules post-2008.