Deutsche Bank is planning to expand its wealth management operation in London.
The planned growth of its private bank comes at a time when the firm is mulling moving thousands of other jobs away from the UK because of Brexit.
But Peter Hinder, Deutsche Bank’s head of wealth management for Europe, the Middle East and Africa (Emea), believes the UK’s exit from the EU will not affect the private bank.
“The UK or the London region is like a magnet for wealth,” he told Reuters, pointing to expected inflows from Asian countries such as China.
“They like London because they speak English, it is an Anglo-Saxon law system which they already know from the Hong Kong region, and so on.
“There are a lot of benefits which won’t go away with Brexit.”
Reuters reported that Deutsche Bank plans to hire around 20 private bankers in 2017 across the UK, Switzerland, Italy and the Middle East. The UK private bank arm currently has fewer than 10 senior bankers focused on British wealth management.
Deutsche Bank announced in June that Michael Morley, the former chief executive of Coutts, would lead its wealth management operation.
He said at the time: “I have no doubt that London will continue to prosper as an important convening centre for international private client capital.
“As a global firm Deutsche is clearly in an excellent position to realise a wide range of UK-based opportunities.”
News of Deutsche Bank’s wealth management expansion comes shortly after Swiss private bank Julius Baer said it was expanding in the UK with three new offices.