Deutsche Bank has announced initial details on the future coverage of ultra-high net worth (UHNW) clients in its Private Bank.
Last October, as part of the reorganization of its private bank business, it had combined wealth management and private banking in the home market under the leadership of Lars Stoy, with Stefanie Rühl-Hoffmann being assigned responsibility for the UHNW business.
As part of its set-up, Deutsche Bank will serve its UHNW clients in Germany, many of whom have an entrepreneurial background, regionally and enable them to access the bank’s full range of services – including the services of the Corporate Bank and the Investment Bank – worldwide with specialized teams.
While Michael Kremzow will lead the relationship manager in the North and West regions of Germany, Rühl-Hoffmann will temporarily head the South-East region. In addition to his responsibilities as regional head of investment manager North and West, Björn Gebhardt will head the UHNW investment manager team throughout Germany. Additionally, a team under Germany-wide management will coordinate the entire client service for the UHNW target group.
The bank states that ultra-high net worth clients require “a particularly intensive, institutional type of collaboration”, which is why it is “concentrating its many years of expertise” in high-performance strategic financial architecture (financial engineering and solutions) in the UHNW area under the leadership of Peer Paulsen, who will become part of the management team.
Additionally, Deutsche Bank said it will also be establishing a new growth office to provide “significant support” in retaining and acquiring UHNW clients “by implementing a new way of engaging with clients”.
“In recent years, we have had very positive experiences worldwide with this service model, which we will apply even more consistently to the special needs of UHNW clients in our new team,” said Stefanie Rühl-Hoffmann, head of UHNW in wealth management and private banking Germany. “Depending on the client’s individual situation, our local teams can access all the bank’s specialists worldwide, for example, when granting loans. This benefits both clients and the various divisions of Deutsche Bank.”
