Deutsche Bank wants to expand its European operations handling the assets of rich clients and take market share from rivals after staunching the outflow of assets.
“WE ARE AMONG THE BIGGEST WEALTH MANAGERS”
Hiring new client relationship managers and perhaps making acquisitions in a few years’ time can help fuel growth, said Claudio de Sanctis, head of wealth management Europe and chief executive of Deutsche Bank Ltd.
The division is targeting entrepreneurs and rich families in core countries such as Germany, Italy, Britain and Spain as well as largely untapped markets in eastern Europe.
“It is not necessarily known but we already are among the biggest wealth managers in Europe in terms of assets. That will be helpful in terms of being credible with European entrepreneurs,” de Sanctis said in an interview.
The business accounted for about 7% of the bank’s 25 billion euros ($28 billion) in revenue in 2018. “The bank has said it wants to focus on areas where we can compete and where we can win, and we think in wealth management that is the case,” Christian Nolting, Chief Investment Officer at Deutsche Bank Wealth Management said.