SINGAPORE (June 13): Deutsche Bank announced Tuesday that it will invest an additional 65 million euros (S$100 million) in new client-focused digital technology for its wealth management business over the next 18 months.
This will go towards building a digital core offering that includes features such as customised Chief Investment Office news and portfolio health checks.
At the same time, the bank says it will also make further investments in upgrading systems and processes that directly impact clients.
In addition, Deutsche Bank Wealth Management says it plans to hire some 100 client managers in high-growth markets worldwide this year.
In particular, Germany’s leading bank says it aims to increase its client coverage of high net worth individuals in Asia-Pacific. Around half of the total new hires will cater to this region.
The rest of Deutsche Bank’s new client-facing employees will cover entrepreneurs in the US, as well as ultra-high net worth clients in the UK, Middle East and other parts of the Europe, Middle East and Africa (EMEA) region.
In a strategic update in March, Deutsche Bank said it sees “very attractive growth opportunities” for its wealth management business.
“Deutsche Bank Wealth Management is making significant investments in growth, targeted at opening up brand new relationships in high-growth markets and in meeting the needs of our clients to interact with them in new digital ways,” says Fabrizio Campelli, global head of Deutsche Bank Wealth Management.
“We are ready to innovate with bespoke solutions like no one else and we connect our clients to one of the world’s leading capital-markets institutions,” he adds.