Deutsche Bank Plans to Double Wealth Business in Five Years After Hiring Push in Asia

(Bloomberg) — Deutsche Bank AG plans to double the assets it manages for rich families in Southeast Asia and the Middle East over the next five years, tapping growing ties between ultra-rich clans in both regions, the lender’s global private banking head said.

Prosperous families in Saudi Arabia and the United Arab Emirates are increasingly keen to invest in Southeast Asia and Hong Kong, and vice versa, Claudio de Sanctis said in an interview. The firm is allocating resources to the regions after hiring “much more” there than in other areas, he said. Primarily, those hires have come from Credit Suisse.