Deutsche Bank private wealth unit boosts London City executives team
The London office of Deutsche Bank’s private wealth management operations has made two appointments to its executives desk, as the re-ordering of its services for wealthy individuals continues.
Matthew Garnham and Corin George have joined the desk as vice presidents, relationship managers.
Each will report to Annabel Bosman.
In their roles they will take responsibility for growing the PWM business of Germany’s largest bank involved with executives in London’s financial district – the ‘City’ – and with professional practice partners more broadly.
They will also build the internal client base within Deutsche Bank.
Garnham joins from Lombard Odier, where he advised Middle Eastern institutions and the very rich. He also worked on the Middle East desk at Credit Suisse.
George has worked at Coutts & Co, including as a director/wealth manager in the private bank’s City professionals team.
The appointments follow last month’s announcement of the executive committee for Deutsche Bank’s integrated asset and wealth management division.
The bank said Michele Faissola would chair the unit’s committee, and Jon Eilbeck would be its chief operating officer.
Representing the main investment platforms and functions on the committee are Reinhard Bellet (head of passive investments); Randy Brown (co-chief investment officer of asset management); Pierre Cherki (head of alternative investments, internal managers); Mark Cullen (head of operating platform and re-engineering); Stephane Farouze (head of third-party manager alternative investments); Kevin Lecocq (CIO of wealth management); Wolfgang Matis (head of active investments); Balaji Prasanna (head of loans/deposits and asset & liability management); and Asoka Woehrmann (co-CIO of asset management).
Client coverage is being represented on the committee by Marco Bizzozero, Thomas Bowers, Joachim Haeger, Wilhelm von Haller, Ravi Raju, and Dario Schiraldi.
The two latest appointments to the private wealth management division’s executives team come as bonuses paid to workers in London’s financial district for the last tax year represent about one third of all bonuses paid in the UK, according to Great Britain’s Office for National Statistics.
Although the total bonuses paid to the City’s finance and insurance industry employees, of £13bn, were significantly down on almost £20bn paid in 2007-2008, total remuneration at the top clearly still generates significant wealth – and the need to manage it professionally.