Deutsche Bank Wealth Management has hired Jeffrey Yen Chieh Peng as head of onshore wealth management in China as the bank's recruitment drive in Asia continues.
He will be based in Shanghai and will oversee the onshore China wealth management business by managing and strengthening resources, the platform and operations.
Peng joined Deutsche Bank Wealth Management from Bank of Singapore, where he was managing director and head of Strategic Alliance and IAM Excellence Centre for Greater China and North Asia. He was responsible for generating strategy for the setting up of BoS Securities in Greater China onshore and building the Independent Asset Manager business for Greater China and North Asia.
We see opportunities in onshore China markets as the high-net-worth client segment grows exponentially"
Prior to that, he was with UBS for 11 years where his last position was executive director and head of Wealth Management Investment Products and Services in China.
In his new role, Peng report toKanas Chan, head of North Asia wealth management; Feng Gao, chairman of Deutsche Bank (China) Co., Ltd. and China chief country officer of Deutsche Bank; and Rose Zhu, president of Deutsche Bank (China) Co., Ltd.
Despite cost-cutting pressures, the bank has stayed in line with its commitment to focus on wealth management, especially in high growth markets like Asia.
"We see opportunities in onshore China markets as the high-net-worth client segment grows exponentially, while the environment grows increasingly business-friendly and promising," said Deutsche Bank's Kansas Chan.