Deutsche Bank today announced that it is launching its Private Wealth Management (PWM) business in Mainland China, commencing in Shanghai.
Pierre de Weck, Global Head of Private Wealth Management, said, “China’s growth is generating significant affluence and the need for wealth management services is rapidly expanding. Clients are seeking more sophisticated solutions in managing their wealth and we see huge growth potential in China as the process of market deregulation continues.”
According to a study released by Scorpio Consulting in June 2006, Deutsche Bank PWM ranked fourth globally as a wealth manager in terms of asset growth. With over €170 billions in client assets and over 3,000 staff in 30 different countries, Deutsche Bank has over 130 years of experience in servicing the needs of wealthy clients around the world.
Kenneth Toong, Head of PWM North Asia, said, “We are long established in Hong Kong and are rapidly growing, and Shanghai is the next natural path for expansion. We aim to develop long-term partnerships with clients, catering for their family and business needs. In addition to our exceptional wealth management services, clients will also enjoy access to all the global resources and investment expertise of the entire Deutsche Bank organization.”
Robert Kung, Head of PWM China, said, “Deutsche Bank PWM in Shanghai has a vision to provide the best service and superior investment solutions to the domestic clients. Individual motivations vary, but three priorities are often central to our clients – to provide for their family, to protect their business interests and to realize their passions. We believe we are well positioned to fulfill all three of these needs.”
For further information, please contact
Deutsche Bank Communications Dept:
Sauw Yim +852 2203 7077
About Deutsche Bank Private Wealth Management:
Private Wealth Management is the division of Deutsche Bank for high net worth clients around the world. Private Wealth Management seeks to understand the personal goals of our clients, and translate these into practical financial plans for life. Private Wealth Management’s mission is to be the lead, trusted advisor for wealthy individuals, their families and select institutions worldwide.
About Deutsche Bank:
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,097 billion in assets and 67,400 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. In Asia Pacific, Deutsche Bank has over 45 offices in 17 financial markets with more than 9,600 staff.
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