Deutsche Bank’s recruitment drive for the private bank in Asia persists, this time with the hire of a new head of onshore wealth management in China.
Jeffrey Yen Chieh Peng joins the bank as managing director and head of China onshore wealth management, effective today. According to the bank’s announcement, Peng will oversee and strengthen the onshore platform, develop and execute long-term expansion strategies and advise on the overall Greater China business.
In his new Shanghai-based role, Peng report to Kanas 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.
Prior to joining Deutsche Bank, Peng was most recently with Bank of Singapore where he was a managing director and head of strategic alliance and «IAM Excellence Center» for Greater China and North Asia. Previously, Peng also spent 11 years with UBS where he was last an executive director and head of wealth management investment products and services in China.
Private Wealth Commitment
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. And within the region, the bank’s recent moves signal its focus on major markets: China and India.
The bank’s persistent hiring drive recently included the addition of three ex-Julius Baer bankers covering the non-resident Indian segment. And on China, the bank not only notes the still rapidly growing wealth from the segment but an increasingly «business-friendly» onshore environment.
«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.
«[Peng’s] hire is to support our Global China Strategy, investing in and strengthening our onshore and offshore China platform.»
