Frankfurt-based megabank absconds with 18 former Citigroup wealth managers. Deustche Bank has hired 18 wealth managers away from Citigroup in Singapore, the scene of intense competition for qualified personnel among private-banking heavyweights.

The German bank's liftout is the second big migration from Citi's private bank in the south Asian city in a year -- and that time Citi ended up taking legal action against a group of private bankers who joined UBS.

Follow the leader

Asia's sharp economic growth and high personal savings rates have made it one the world's fastest-growing private-banking markets. Singapore has emerged as a wealth-management hub for the region. But a lack of seasoned private-client professionals in the city has triggered several waves of poaching -- and salary hikes for some in the 30%-to-50% range, according to a report by Reuters.

In an apparent prelude to the latest exodus, Frankfurt-based Deutsche hired former Citi executive Ravi Raju to lead its Asian-Pacific wealth management business in February 2007.

Then yesterday Deutsche said it had hired the 18 private bankers, most of them based in Singapore. Some have started work already; others are due to begin before April is out. Half of the new hires are relationship managers or investment advisers, the rest are product specialists.

Deutsche has about 500 wealth-management employees in Asia and about $29 billion in assets under management in its Asian private-banking business.

In a restructuring at the top of its wealth-management business last week, New York-based Citi put Deepak Sharma in charge of its private-banking operations outside the U.S. as well as the non-U.S. activities of Citi's retail brokerage Smith Barney. Sharma is based in Singapore. -FWR

.