As Deutsche Asset & Wealth Management plods on with its US expansion plans, the firm has opened a private bank in Dallas, TX.

As Deutsche Asset & Wealth Management plods on with its US expansion plans, the firm has opened a private bank in Dallas, TX.

It will be headed by Mark LaRoe, who will serve as managing director and head of the US private bank in Texas. LaRoe will report to Chip Packard, co-head of wealth management and head of the private bank in the Americas.

DeAWM’s new office will offer ultra-high net worth individuals, families and institutions financial solutions with the feel of boutique wealth management with the aid of its global resources, the firm said in a statement.

LaRoe was latterly managing director at JP Morgan Private Bank for 16 years, and most recently served as senior managing director of the firm’s Dallas team. Prior to this, he was a banker for Comercia Bank in Dallas.

“Mark will be critical in building upon our well-established private client services business and growing our new private banking business in Texas," Packard said.

Also joining the Dallas branch is Anthony Scotti, who becomes vice president and private banker. Scotti also moves from JP Morgan Private Bank, where he was a vice president in its Dallas branch.

Dallas is the latest destination for DeAWM in its nationwide growth, having expanded its Los Angeles division in July this year.

Moving forwards, the firm intends to significantly increase relationships with ultra-high net worth clients and bring in more relationship managers in key wealth markets over the next three years.

As at June 30, the German-headquartered firm reported $1.31 trillion in assets under management and recorded a 9 per cent rise in year-on-year revenue.