People Moves

Deutsche Bank Names Successor For Emerging Markets Wealth Role

Tom Burroughes, Group Editor, 14 January 2020

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The appointee is based in Singapore. The bank says it aims to add a total of 300 new client-facing roles across its wealth arm over the next couple of years.

Deutsche Bank’s wealth arm has appointed Siok Kuan Tham as head of wealth discretionary for emerging markets, based in Singapore. She is the latest in a run of hires by the Frankfurt-listed banking group. 

Siok Kuan Tham is taking over from Tuan Huynh, who became the firm’s chief investment officer for Europe a few months ago.

Previously, Tham was head of fixed income at Deutsche Bank’s DWS asset-management business in Singapore, and chaired the Asian fixed income portfolio construction committee in Singapore. She holds a BA in accounting and financial analysis from the University of Newcastle Upon Tyne in the UK, Deutsche Bank said in a statement.

As far as reporting lines are concerned, Tham will report globally to Gregor Hirt, global head of wealth discretionary, and locally to Lavanya Chari, global head of global products and solutions.

Globally, Deutsche Bank is adding 300 client-facing personnel to its wealth management business over the next two years.This is part of the firm's broader restructuring to cut back on the investment banking side of its business.

In September last year, Deutsche Bank Wealth Management appointed Jeffrey Yen Chieh Peng as its head of China onshore wealth.

Deutsche Bank’s fortunes have waned in recent years. High costs, weak profits and the sluggish performance of the eurozone (even though Germany is the zone’s largest economy) have been burdensome. Its equities trading and sales activities, and aspects of investment banking are threatened by new technology and by a need for banks to cut risk assets and bolster capital. A number of other major banks such as UBS, JP Morgan, BNP Paribas and Credit Suisse have restructured and cut risk exposures.

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