Deutsche Bank Targets Asian Wealth Diversifying Away From US Assets

Deutsche Bank Asia wealth strategy is targeting affluent clients in mainland China, Hong Kong, Taiwan and the Philippines as investors diversify away from heavy US asset exposure.

Senior executive Claudio de Sanctis said the shift creates strong opportunities for the lender’s private banking business, particularly in Hong Kong which he described as the region’s most dynamic wealth hub.

Hong Kong and North Asian markets are expected to account for most of Deutsche Bank’s planned 250 global private‑bank hires over the next three years.

Deutsche Bank Asia wealth strategy comes as its private banking unit manages EUR685bn(USD795.8bn) in assets and reported EUR2.3bn in pretax profit last year.