March 4 (Bloomberg) — Deutsche Bank AG, Germany’s biggest bank, plans to double the assets it manages for wealthy Indians living overseas to $10 billion in three years and will hire more bankers in Asia to capture the growing market.
March 4 (Bloomberg) — Deutsche Bank AG, Germany’s biggest bank, plans to double the assets it manages for wealthy Indians living overseas to $10 billion in three years and will hire more bankers in Asia to capture the growing market.
The Frankfurt-based bank, which currently employs more than 60 people to serve this market, will boost staff by at least 50 percent, said Salman Mahdi, who runs global private wealth management for South Asia from London. The bulk of the hiring will be in Singapore and Hong Kong, with the remainder in London, Geneva and Dubai.
There’s an estimated 25 million to 30 million people of Indian origin living overseas, with as much as $70 billion to invest, Mahdi said. Deutsche Bank’s asset and wealth management business reported net new money of 12 billion euros ($16.4 billion) in the fourth quarter, compared with outflows of 23 billion euros a year ago.
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