Deutsche Bank Private Wealth Management
Deutsche Bank PWM’s onshore presence is a clear differentiating factor for winning the award, in addition to its 140-year history of presence in the country emphasising its understanding of local client needs. Since Deutsche Bank PWM started business on the Mainland in 2006, it has assiduously built its infrastructure at an impressive rate. Currently the bank has branch offices in Beijing, Shanghai, Guangzhou, Chongqing and Tianjin, serviced by a team of onshore relationship managers with a further 80 in Greater China.
Whilst 2012 was a most challenging year for many participants in the private banking industry in China, Deutsche Bank PWM managed to excel by increasing its AUMs and net income by double digit percentages. Asian Private Banker attributes this growth not to a simple client acquisition by numbers strategy, but to an increase in revenues from existing clients, representing considerable effort to understand their needs and deepen existing relationships.
Deutsche Bank PWM’s outstanding range of products – from complex discretionary portfolio management to aircraft financing for ultra high net worth Chinese nationals – was another deciding factor as the winner of this award. Indeed, many a private bank’s challenge in China has been to help clients diversify portfolios from predominantly equity or real estate assets. Deutsche Bank PWM has demonstrated its ability to do just that, manifest by a sharp increase in hedging transactions and cross border work. “Our strong growth in net new assets reflects our understanding of our clients’ individual complex needs,” confirms Lok Yim, Managing Director and Head of North Asia, Deutsche Bank PWM. The bank’s second successive year as winner of the Asian Private Banker Best Private Bank – China award is testament to that strategy.