Deutsche Bank wants to woo the super-rich – and is even forming its own team for this purpose

2024-02-15T21:29:32.628Z

Highlights: Deutsche Bank wants to woo the super-rich – and is even forming its own team for this purpose. The target group is likely to have assets “in the three-digit million range” According to the official definition, you are considered super rich if you have assets of 50 million US dollars, or just under 47 million euros. In Germany, this applies to around 9,100 people, as figures from the major bank UBS show. One in ten of the approximately 300 customer advisors and investment specialists in wealth management could move to the new unit.

As of: February 15, 2024, 10:22 p.m

By: Andreas Jäger

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Deutsche Bank is planning to set up a team of advisors for the super-rich.

Deutsche Bank is planning to set up a special team of advisors for very wealthy customers.

In this way, the financial institution wants to maintain its market leadership.

Frankfurt – Deutsche Bank has apparently set its sights on a very specific target group that it would like to better address in the future: the super-rich.

As the

Handelsblatt

reports, the financial institution is currently forming a special team for this.

While such a team has existed on the international market for several years, it is an absolute novelty in the bank's German business.

The target group is likely to have assets “in the three-digit million range”.

But who actually counts as the super rich?

A millionaire or rather a billionaire?

A question that Deutsche Bank does not want to answer 100%.

“We don’t use a ruler when it comes to customer segmentation,” said Lars Stoy, Germany’s head of private customer business, to the

Handelsblatt

– but: The target group’s assets are likely to be in the “three-digit million range”.

According to the official definition, you are considered super rich if you have assets of 50 million US dollars, or just under 47 million euros.

In Germany, this applies to around 9,100 people, as figures from the major bank UBS show.

Deutsche Bank is currently still considered the market leader in serving high-net-worth customers - but the competition never sleeps.

The Swiss banks UBS and Julius Baer, JP Morgan and Goldman Sachs from the United States or banks from Liechtenstein: they are all courting the not particularly large clientele of the super-rich.

Around 30-strong unit at Deutsche Bank?

The Handelsblatt

learned from financial circles

that one in ten of the approximately 300 customer advisors and investment specialists in wealth management, i.e. the wealth organization and coordination at Deutsche Bank, could move to the new unit.

The support should be provided from different locations, as Stoy explained.

Source: merkur

All news articles on 2024-02-15

Deutsche Bank wants to woo the super-rich – and is even forming its own team for this purpose

The target group is likely to have assets “in the three-digit million range”.

Around 30-strong unit at Deutsche Bank?

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