Deutsche Bank's wealth arm recently resolved to hire 100 private bankers worldwide. The German lender has made a prominent start to the push, with a former Credit Suisse and UBS veteran.
Under ex-UBS investment banker John Cryan, Deutsche is distancing itself from riskier investment banking activities. At the same time, it needs to bolster the share of profits it reaps from asset management and private banking, a far more reliable contributor of profits.
In Asia, the effort has been hit by setbacks like the defection of Ravi Raju, a well-known private banker, to UBS. Since then, Deutsche's overall private bank head Fabrizio Campanelli said he will hire roughly 100 private bankers worldwide.
On Friday, Deutsche made a prominent step in that direction, hiring well-known Swiss private banker Paul Arni to run a Swiss domestic division, effective September 1.
Target Domestic Market
Swiss private banks are rediscovering the domestic wealthy, which have long been overlooked in favor of lucrative growth markets – or of offshore clients who come to Switzerland for banking.
His appointment is part of a strategic growth plan in Europe to deepen its focus in Switzerland, in particular with Swiss-based executives, entrepreneurs and family offices, the bank said. It also wants to be a supplier to multi-family offices and financial intermediaries who cater to private clients.
Julius Baer Shuffle?
Arni was most recently head of Julius Baer's private bank in and around Zurich, a role he held for just two years. During his tenure, the private bank began more intensely pursuing the ultra-rich in Switzerland under Barend Fruithof, who has since also left the bank as well as the industry altogether.
Since leaving Baer in April, Arni has been an independent consultant.
Previously, he was operating chief of Credit Suisse's private and wealth management activities and is also a veteran of UBS' private bank. He will report to Peter Hinder, who was named head of Deutsche's European wealth arm last November.
