he ability to reboot and start over is the mark of a true champion. So it is with Deutsche Bank, which is gearing up to face new challenges in the years ahead. With a three-step programme in place – Protect, Transform, Grow – it is working steadily in its plan in the big leagues of wealth management, in Asia and globally.
The most recent news about Deutsche Bank is the hiring spree, particularly in the Wealth Management part of the business for Asia. Of the 100 client-facing talents that are being hired into Deutsche Bank’s wealth management division, about 50 are being based in Asia Pacific under the management of Lok Yim, Head of Deutsche Bank Wealth Management, Asia Pacific. The new joiners who have been coming onboard are among the top players in the wealth management space, bringing talent that will work across different aspects of the business.
A slew of new hires in Hong Kong will be dedicated to working on the interests of clients in Greater China. Gloria Sun, who brings in wealth of expertise and experience in the region, has joined the bank recently to lead a new team and reports to Kanas Chan, Managing Director and Head of North Asia.
“Wealth Management is one of the core elements of Deutsche Bank’s growth strategy. Here in Asia, we have achieved fantastic performance, with strong client demand and revenue growth,” said Chan. “We are now fully focused on a multi-year business expansion and hiring plan in the region.”
Hong Kong isn’t the only place that the bank is extending its reach in wealth management. New hires in Singapore and Dubai, both emerging mega-centres in Asian wealth management, will ensure that Deutsche Bank can serve local clients’ interests, as well as connecting clients to other financial centres.
“We aim to grow our business, to enhance our client experience and to protect our clients’ interests. We are looking for the very best talents in the wealth management industry to join us as the winning team in our exciting growth journey,” said Chan. “The morale in Asia is great. The Wealth Management business is strong and resilient. Looking
“NOW IT'S TIME TO GROW. WE ARE INVESTING IN TALENTS AND TECHNOLOGY. WE AIM TO ENHANCE OUR CLIENTS' EXPERIENCE AND TO PROTECT CLIENTS' INTEREST.”
- Kanas Chan, Managing Director and Head of North Asia, Deutsche Bank Wealth Management
ahead, we should be able to create greater synergy between Wealth Management and our investment banking partner in the bank,” she continued. “We have completed the Protect agenda and have started our Transform journey. Now, it’s time to Grow.”
In essence, Protect is the bank’s initiative to enhance its client onboarding process with digital assistance to become both more efficient and secure.
“One of our key strengths and competitive advantages is our product expertise and excellence. We will continue to reinforce this strong position. Every year, our relationship managers, together with senior executives from the Chief Investment Office, tour around the region twice, alighting in nine to ten cities to share our latest investment outlook and ideas. It is this commitment to client engagement and client content that has helped in the Wealth Management’s turnaround,” said Chan.
“Everything we have been doing is about empowering our relationship managers. With sales and data analytics tools, we can make better decisions on behalf of Deutsche Bank Wealth Management and clients,” echoed Ronald Chong, Managing Director and Group Head, Hong Kong.
“Early this year, we launched an internal app that consolidates market news and ideas across all asset classes that relationship managers can access when they are travelling. Following that, we launched another app which equips us with ‘on-the-go’ equity structured product solutions and pricing,” explained Chong.
“WE ARE INVESTING IN TECHNOLOGY TO ENABLE OUR RELATIONSHIP MANAGERS TO EXCEL FOR THEIR CLIENTS EFFICIENTLY.” - Ronald Chong, Managing Director and Group Head, Hong Kong, Deutsche Bank Wealth Management
The bank has embarked its digital journey, with data integrity and security continuing to remain key focal points. The digital initiative is partly driven by the bank’s Wealth Management strategy to enhance client experience.
Going for growth in a time of technological turmoil involves more than investing in people. The wealth management arm will invest €65 million globally in new digital capacity from now to 2019. High up on Deutsche Bank Wealth Management APAC’S to-do list is developing the latest digital tools to meet demand for the latest in technological support for wealth management clients.
Bonita Chuang, Managing Director and Group Head, Hong Kong & Philippines, said “We have just introduced Deutsche Wealth Online to our clients. This is a digital platform which aims to connect our clients to their wealth – anytime, anywhere, seamlessly and securely. Today, clients are globally present so a huge demand for an efficient and secure access to information when they are on the road.”
“WE HAVE JUST LAUNCHED A DIGITAL PLATFORM FOR CLIENTS, AND WE WILL INTRODUCE MANY MORE DIGITAL SOLUTIONS FOR OUR CLIENTS.” - Bonita Chuang, Managing Director and Group Head, Hong Kong & Philippines, Deutsche Bank Wealth Management
According to Chuang, Deutsche Wealth Online is introduced to the two markets of Hong Kong and Singapore where the platform made its global debut. It offers consistent experience across all devices, enhanced portfolio transparency with access to performance and valuation charts; and a digital mailbox to access and download statements.
On the other end of the spectrum, innovation is also about creating a holistic approach that addresses clients’ needs, now and in the future. The holistic approach runs the gamut from investment products like deposits, equities, fixed income and structured products to wealth planning, trust solutions and bespoke transactions, such as IPOS and private market transactions.
Margaret Kwong, Managing Director and Group Head, Hong Kong, said, “Gone were the days when clients expected just a
“WITH STRONG PRODUCT PLATFORM AND INVESTMENT CAPABILITIES, WE ARE ABLE TO PROVIDE EFFECTIVE SOLUTIONS TO DIFFERENT CLIENTS, INCLUDING NEW BILLIONAIRES AND THE NEXT GENERATION.” - Margaret Kwong, Managing Director and Group Head,
Hong Kong, Deutsche Bank Wealth Management
portfolio of certain percentage of bonds versus certain percentage of equities. With the emerging wealth in this region, you can imagine the new billionaires’ and the next generation’s changing views and demands on holistic wealth management and effective portfolio diversification. Thanks to our strong platform and product capabilities that allow us to be innovative in terms of investment ideas.”
While Wealth Management APAC is a core component of Deutsche Bank, the business also enjoys a strong investment banking franchise. Patrick Sze, Managing Director and Group Head, Greater China, said, “We make the most of our relationship with our colleagues in Global Markets, Corporate Finance and Global Transaction Banking in order to deliver the ‘One Bank’ solutions to clients in this part of the world who look for investment banking support globally. Earlier this year, we closed a flagship
“THE COMBINED OFFERING OF WEALTH MANAGEMENT SERVICE AND AN INVESTMENT BANKING FRANCHISE ENABLES US TO ADDRESS CLIENTS' NEEDS IN BOTH THEIR PRIVATE AND CORPORATE WEALTH AREAS.” - Patrick Sze, Managing Director and Group Head, Greater China, Deutsche Bank Wealth Management
structured financing deal. Thanks to the partnership between Wealth Management and Global Markets who rose to meet all kinds of unexpected challenges over a period of nine months. Our teamwork delivered a positive impact both to the business, building a lot of goodwill, and to our client, who has commended our delivery and professionalism.”
Deutsche Bank is a truly German, European and global universal bank. It came to Asia in 1872 when its first branches were opened in Shanghai and Yokohama. Despite being one of the oldest banks to set foot in the region, Deutsche Bank isn’t one to rest on its laurels, with the rich banking tradition. The Wealth Management business here is dynamic and entrepreneurial. More importantly, the bank is defining itself in terms of entrepreneurialism and appealing to the young and technically astute,
“DEUTSCHE BANK HAS AN INTERNATIONAL FOOTPRINT THAT IS FULLY GEARED TO GROW IN ASIA. FOR THOSE WHO WISH TO MAKE A PERSONAL MARK IN A GROWTH STORY, THIS IS A PLACE TO BE. ” - Gloria Sun, Managing Director and Group Head, Greater China, Deutsche Bank Wealth Management
the people who will power the bank forward for years to come. The wealth management team at Deutsche Bank is given an efficient balance sheet that encourages sizeable deals and complexity. For young up-and-comers, there is plenty at Deutsche Bank Wealth Management that’s attractive. While a flat management structure gives access to senior management, the wealth arm is present in 25 countries covering more than 100 markets and has a truly global background that’s stimulating and multicultural.
For those who are committed to the wealth management industry and are looking for opportunities to gain access to world-class investment banks with top-tier markets, corporate finance and transaction banking, Deutsche Bank Wealth Management is the place to be.
“As a global bank, Deutsche Bank best serves clients who are looking for overseas investment opportunities, sophisticated investment solutions and a one-stop-shop to look after their personal and corporate wealth,” noted Gloria Sun, Managing Director and Group Head, Greater China. “It is truly the place for dedicated wealth management professionals to make their mark in the industry.”
Ultimately, Deutsche Bank has turned the corner and started its journey to being a transformed, digitally astute and vital bank with the excellent wealth management solutions for an Asian clientele. New and talented staff have been brought onboard, and new digital technology is going into place. For Deutsche Bank Wealth Management, the time to Grow is here.