Mr Leung's remit in the newly created role will exclude Japanese operations, but will see him work within the global trading product group covering all classes of asset-backed securities, including residential mortgage-backed securities (MBS).
He joins the company having previously occupied the position of executive director in the fixed income division at UBS in New York, where he was responsible for the bank's non-agency mortgage structuring business as well as managing a number of MBS and ABS-related proprietary trading desks.
Sajid Javid, head of global credit trading, Asia, at Deutsche Bank, said: "Michael has enormous experience in structuring and originating mortgage-backed securities, which will be of great benefit to Asia's developing securitisation market."
Mr Lenug will report to Greg Park, head of securitisation, Asia, excluding Japan, Chetankumar Shah, head of credit trading, collateralised debt obligations and credit structuring for Asia.
Meanwhile, globally he will report to Hyung Peak, managing director residential backed MBS, in New York.
News of the hire follows Deutsche this week announcing that it has increased its stake in Hang Seng Bank in Hong to 8.14 per cent with the acquisition of 141.7 million shares in a deal worth $1.92 billion.