EXCLUSIVE: Deutsche Bank Bolsters UK UHNW Team With Two Senior Hires

Max Skjönsberg

12 April 2012

Deutsche Bank Private Wealth Management has hired two senior private bankers who previously worked at HSBC to strengthen its ultra high net worth team in the UK, this publication can exclusively report.

Steve Whiting was latterly head of HBSC Private Bank's UHNW onshore business, while Oliver Peck was an associate director within the same division.

In their new roles, Whiting and Peck, as managing director and director, respectively, will manage several UHNW relationships with specific focus on lending services. They will be based in London and report to Chris Hocking, head of the UHNW team.

Tom Slocock, chief executive of Deutsche Bank PWM UK, said that London is an important base for the firm’s wealth management growth strategy.

In other recent developments at the German lender, Jonathan Peake was named as head of operational risk for its private wealth management businesses in the Channel Islands and Cayman Islands just before Easter.

In its annual report published last month, Deutsche emphasised the turnaround in its private wealth management business as a strong contributing factor behind the pre-tax profit hike in asset management it reported for 2011. The bank said that the private client division went from a loss of €57 million ($74.4 million) in 2010 to a profit of €321 million last year, taking the pre-tax profit in the asset management arm to €767 million compared with €210 million the year before.

Deutsche Bank PWM has around €269 billion in assets under management across some 100 locations worldwide.