Thomas Bowers, Deutsche Bank’s head of US Private Wealth Management, has taken on the additional responsibility for the bank’s wealth management business in Latin America, Family Wealth Report has learned. A spokeswoman confirmed the reorganization after this publication heard that the changes had been announced internally.

Bowers, whose new title is head of Private Wealth Management for the Americas, will now have two regional wealth management heads in Latin America reporting to him. Jorge Arce oversees Latin America North which includes Mexico, Brazil and Andean countries, while Alejandro Velez is regional head for Latin America South.

Previously Latin America reported into a region that included Southern Europe.   

A number of private banks and wealth managers have been expanding their Latin America operations to tap what is seen as an increasingly important region. Firms operating in this area include Morgan Stanley, Goldman Sachs and HSBC Private Bank.