According to reports domestic wealth managers in Australia are gearing up to capture the funds under management of the departing Deutsche Wealth business.
The transition of Deutsche’s Wealth Management’s client activities in Australia to alternative providers is expected to be completed in the first half of 2017.
Deutsche's private wealth unit in Australia consisted of three divisions namely; advisory, discretionary portfolio management and lending to high net worth clients and was based in Sydney and Melbourne. The closure means the loss of 15 jobs, and sees Deutsche’s local private banking services transferred to Asia.
$500 Million up for Grabs
A report in the Australian Financial Review (paywall) suggests that retail broking and advisory firm Wilsons, which is 20 percent owned by Deutsche, is said to be closing in on some of the departing Deutsche bankers.That would see a chunk of the funds under management move across if a deal is sealed.
Melbourne-based Escala Partners, which is chaired by former banker Brett Paton, is also suggested to be in the running to pick up as much as $500 million in assets.
Simpler and More Efficient
The former head of the division Chris Selby is heavily involved in finding a new home for the staff and the funds under management.
The restructuring of the business in Australia is in line with Deutsche Bank’s Strategy 2020, which aims to achieve a simpler and more efficient organisation, and the global Wealth Management strategy of serving clients through selected, scalable hubs.
finews.asia reported in September on the closure of the Australian unit and the gradual transfer to the Deutsche hubs in Singapore and Hong Kong.
