Deutsche Bank has hired Raphael Zagury as head of key client partners and wealth investment advisory for Latin America – a new position at the bank.

Zagury recently left Bank of America Merrill Lynch and it is understood he is set to join Deutsche Bank in three months, based in the bank’s New York office.

He reports to Dario Schiraldi, the London-based head of the global client group for Deutsche Asset and Wealth Management, and Ben Pace, chief investment officer of wealth management in the Americas.

In his new role he will work with ultra high net worth clients in Latin America on investments, with Mexico and Brazil being important UHNW markets within the wider region, sources said.

He joined Merrill in 2007 and was head of UHNW investment solutions. Before that, he was a vice president at Goldman Sachs.