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Deutsche Bank Makes Further Inroads Into Wealth Management

October 11, 2018

Banks continue their foray into private wealth management, with Deutsche Bank naming new executives in California it poached from Wells Fargo and Bank of America’s U.S. Trust.

In August, the head of the Frankfurt-based bank’s U.S. wealth management division told FA-IQ’s sister publication, the Financial Times, that the bank intends to grow the unit by 25% this year.

The company seems to be fulfilling that objective. In Los Angeles, Richard Aguiar joins Deutsche Bank Wealth Management as managing director and private banker, according to Reuters. He was previously a senior relationship manager at U.S. Trust, the newswire writes. U.S. Trust is part of Bank of America’s wealth management division that also includes Merrill Lynch.

And in San Francisco, Deutsche Bank has hired Wendy McMillan, also as managing director and private banker, according to Reuters. She was previously a managing director in Wells Fargo Securities’ investment solutions unit, according to the newswire.

(Getty)

Wells Fargo lost another executive in September to SunTrust Private Wealth Management, another bank expanding its wealth management offerings. Amir Mossanen, who was a managing director and wealth advisorat Wells Fargo Private Bank, has been named SunTrust’s Los Angeles market president, a newly created role.

In August, SunTrust also opened wealth management offices in Cincinnati and Cleveland, according to the LA Business Journal.

By Alex Padalka
  • To read the Reuters article cited in this story, click here.