Deutsche Bank raids Citigroup's private bank staff

11 April 2007

Deutsche Bank has hired 18 unnamed private bank staff from Citigroup for Singapore, according to recent reports citing anonymous sources.

The new hires follow the recruitment of Ravi Raju from Citigroup in February to oversee its Asia-Pacific wealth management operations, as competition to capitalize on the country's fast-growing pool of wealthy clients heats up.

It is thought that the staff will comprise bankers charged with developing products as well as financial advisers, both of which are in short supply in the region.

News of the latest exodus of staff follows the loss of seven private bankers to UBS AG last year, over which Citigroup is suing alleging they had breached the terms of their contracts by defecting.

It is estimated that Asian millionaires have a combined wealth of some $7.6 trillion, with some analysts predicting that assets in the hands of millionaires will grow by 40 per cent over the next three years.

Deutsche Bank is estimated to manage about $29 billion in Asia.

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