Deutsche Pursues SE Asia Wealth Opportunities
Southeast Asia (SEA) is widely acknowledged as the world’s next growth engine after China. The region’s rapidly rising incomes will drive strong growth in a wealth management market that Deutsche Bank is aggressively positioning itself to serve through a series of recent appointments.
Urs Brudermann has been named as Deutsche Bank Wealth Management’s Managing Director, Group Head of Southeast Asia. He reports to Shang-Wei Chow, DBWM Head of Southeast Asia. Brudermann has over 20 years of wealth management experience, and joins from Credit Suisse where he was Team Leader for the Thai Market. He started his career in Switzerland with UBS, and previously spent more than 11 years at Credit Suisse in senior leadership positions managing teams across Singapore and Hong Kong.
Other new hires include Shawn Ngoh, who will join the team as a Director. Ngoh was previously a Director with Credit Suisse and previously held positions at United Overseas Bank and Citibank. He primarily manages ultra-high net worth clients across Southeast Asia. And Pichaya Prawanmeet will join as Vice President. Prawanmeet was previously with Credit Suisse and Kasikornbank.
Chow commented on the appointments: “Southeast Asia continues to be a major hub for the wealth management industry. To capture the opportunities arising from the economic recovery, growing our team is a priority to provide tailor-make solutions to meet with clients’ investment needs. To meet with the increasing demands from HNWIs in the region, I strongly believe that it is important to build a comprehensive experience for clients from front to back, starting from investment management and Relationship Managers. We will continue to build the team to provide first-class services.”
Deutsche Bank is also seeking to expand its wealth management footprint more broadly across the Asia Pacific region, which has been the fastest growing region in the world for wealth accumulation and is home to more billionaires than any other region. This has led to many Asian families institutionalizing their wealth management through more efficient structures and vehicles, primarily via family offices.
To drive coverage of this increasingly important client segment in APAC, Deutsche has separately appointed Dominique Jooris to the new role of Head of Wealth Solutions Coverage, Asia Pacific. Jooris was most recently CEO of Bank Pictet & Cie in Singapore, prior to which he has held a number of senior DCM roles, including 11 years at Goldman Sachs in both Asia (ex Japan) & EMEA.