Deutsche Bank AG plans to double the assets it manages for rich families in Southeast Asia and the Middle East over the next five years, tapping growing ties between ultrarich clans in both regions, the lender’s global private banking head said.
Prosperous families in Saudi Arabia and the United Arab Emirates are increasingly keen to invest in Southeast Asia and Hong Kong, and vice versa, Claudio de Sanctis said in an interview. The firm is allocating resources to the regions after hiring "much more” there than in other areas, he said. Primarily, those hires have come from Credit Suisse.
"This is where we invested heavily,” said de Sanctis, who joined the German bank in 2018 from the Swiss lender. "These two regions are also incredibly interlinked at the moment,” he said. The executive, who also sits on the management board, did not quantify current assets and revenues.