People Moves
Deutsche Adds To Wealth Teams

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.