Deutsche Bank AG plans to hire more staff for its Asian wealth management business as it attempts to rebuild the business after facing two years of declining assets under management, Bloomberg News reported June 1.
Deutsche Bank Wealth Management is looking to hire 50 client-facing positions, including relationship managers, in the second half of the year, said Lok Yim, the unit's Asia-Pacific head. The unit had hired 13 employees in May.
Deutsche Bank's Asia wealth business saw two years of declining AUM. Client assets at the unit fell to US$45 billion at the end of 2016 from US$52 billion in March 2015. The amount has risen to US$48 billion as of March 31.
Yim acknowledged that there was a "degree of attrition" in 2016 but the unit has recovered. The bank will now take advantage of its business licenses in various Asian countries to establish an onshore presence, he said.