Deutsche Bank Wealth Management is launching a new unit aimed at UHNWIs and family office clients, the company said.
The newly-launched Institutional Wealth Partners (IWP) is meant to harness the firm's resources to offer wealthy clients various "institutional quality" services, such as tailored lending, investing and corporate finance, according to a press release form Deutsche Bank.
IWP is available to Deutsche clients around the world including its Latin American customers, who primarily book in New York, Hamburg and Geneva.
Continuing to strengthen the bridge between Wealth Management and other offerings within Deutsche Bank will ensure we are creating tailored and comprehensive solutions for clients"
"Continuing to strengthen the bridge between Wealth Management and other offerings within Deutsche Bank will ensure we are creating tailored and comprehensive solutions for clients," Patrick Campion, head of Deutsche Bank Wealth Management in the Americas, said in the press release.
The team is led globally by Todd Stevens, with Dan Kaiser serving as the head for the Americas. Deutsche Bank hired Alan Brody to serve as head of IWP Americas' investments.
Brody was formerly part of JP Morgan's global investment opportunities unit.
"As family offices and ultra-high-net-worth clients are seeking greater involvement and opportunities in how their capital is deployed, we believe our IWP team provides focused and tailored solutions to their unique needs through providing global access into Deutsche Bank's CIB capabilities," Kaiser said.
The bank's wealth management unit oversaw around $318bn for clients worldwide as of the end of February. The Frankfurt-based bank has been expanding its US wealth management operations in recent months. In October, the firm poached two executives from Wells Fargo and Bank of America's US Trust.