Dr Sawazki has been with Sal Oppenheim since April of last year, when he joined to head the portfolio management team which covers strategic clients at the bank. Before this he was a managing director of Oppenheim Research between 2001 and 2009.

Dr Siemßen, meanwhile, joined the firm from BayernLB, where he was most recently head of investment research. In his prior career he spent close to a decade at WestLB Mellon Asset Management in Düsseldorf, holding various asset and fund management roles.

Last month Sal Oppenheim appointed Doris Lemke and Jakob Graf von Waldburg-Wolfegg as manager and deputy manager respectively of its Munich branch.

Lemke joined Sal Oppenheim approximately five years ago and went on to work in the Frankfurt office, while Waldburg-Wolfegg has advised high net worth clients, based in the Munich branch, since starting at the bank in 2007.

Back in February, the private bank opened a branch in Bremen as part of its expansion in northwest Germany, and in March former Coutts banker Rolf Frehner was appointed as an executive board member and head of Central and Eastern Europe.