New York-based Deutsche Bank Wealth Management says it will focus on ultra-high net worth clients In the wake of the divestiture of its U.S. private client services business,
The firm announced Tuesday that it will make strategic investments in its U.S. wealth management business, and that it has been expanding its presence in select U.S. markets including the West Coast and Florida. The strategy follows the successful closing of the sale of its U.S. private client services (PCS) unit to Raymond James Financial, Inc.
“The successful sale of the U.S. PCS business is a significant step toward the bank’s Strategy 2020 goal to become a simpler and more efficient organization,” says Fabrizio Campelli, head of Deutsche Bank Wealth Management, in a statement. “We will now concentrate on further building out our wealth management capabilities for ultra-high-net-worth clients in the U.S.”
The PCS unit will operate under the name of Alex. Brown, and its clients will continue to have access to certain Deutsche Bank products and services through a strategic distribution arrangement between the firms.
“We will now be able to better serve our clients and grow our Americas business by focusing on a single distribution channel. We are looking forward to continuing our collaboration with Raymond James as a distribution partner,” adds Campelli.