Deutsche Bank AG plans to double the assets it manages for wealthy families in Southeast Asia and the Middle East over the next five years, capitalizing on growing ties between ultra-wealthy clans in both regions, the head of the lender’s global private banking arm.
Affluent families in Saudi Arabia and the United Arab Emirates are increasingly looking to invest in Southeast Asia and Hong Kong, and vice versa, Claudio de Sanctis said in an interview. The company is allocating resources to the regions after hiring “much more” there than in other areas, he said. These hires mainly come from Credit Suisse.
“This is what we have invested heavily in,” said De Sanctis, who joined the German bank from the Swiss lender in 2018. “These two regions are also incredibly connected right now,” he said. The director, who also sits on the board of directors, did not quantify current assets and income.
