The bank spoke to this publication about some of the thinking around its build-out of wealth management in the Americas and other parts of the world.

Deutsche Bank Wealth Management, part of Deutsche Bank, is on a hiring spree and a big priority for the client-facing managers coming aboard will be the environmental, social and governance-themed investment solutions which younger clients hunger for. 

As previously reported, the Germany-based group is planning to hire up to 300 RMs and other client-facing professionals for its global business by 2021. An impressive target, highlighting how wealth management is an increasingly important business segment for a bank that has also cut back in other areas.

This news service decided to probe into how well Deutsche’s plans are going after it announced this week that it had hired Samuel Descovich as head of global products and solutions for the Americas to support its growth plans in the region.

“The investment business is a huge focus for us, particularly in the Americas. And one particular aspect that’s very important for us is ESG…we are spending a significant amount of time in this area and we are seeing a lot of demand for next-generation clients,” Lavanya Chari, DBWM global head of Products & Solutions told Family Wealth Report in a call.

“Its [ESG] work covers the entire spectrum of what we want to do,” she continued. “We are also in the process of setting up the advisory platform [as previously announced]…..clients are paying a flat fee,” she said. “We relaunched that recently and expect to upgrade it in the next couple of years.”

Deutsche said that its business build-out will concentrate on five main areas: global China growth, notably offshore wealth for ultra-high net worth and high net worth clients; Americas - entrepreneurs, with new coverage staff in areas such as the US West Coast and offshore Latin America; European market penetration, leveraging its market leadership with established families and mid-sized company owners in Germany and building out in areas such as southern Europe and the UK; emerging UHNW wealth in South East Asia, the Gulf region and with non-resident Indians; and family offices, working with the bank’s corporate and investment bank and asset management arm DWS.

While Germany’s largest bank has been pushing to improve profitability and scale, flirting with rival Commerzbank for a merger deal (subsequently abandoned), the move suggests that its leadership sees wealth management as an important growth area. This will put it up against European, American and international rivals such as UBS, HSBC and JP Morgan. Like these banks, it has also reduced its investment banking risk exposures following tighter capital rules post-2008.