Deutsche Bank targets Latin America's richest and bolsters U.S. ETFs
Building on burgeoning ultra high net worth clients in Latin America and growing ETF interest in the U.S., Deutsche Bank has hired veteran manager Jerry W. Miller to help re-brand and integrate its Asset & Wealth Management business.
Jerry W. Miller, who will be based in New York and report to Michele Faissola, Head of Asset & Wealth Management, will strive to integrate the bank’s alternative, traditional, active and passive offerings in this newly created role. Today’s appointment of Miller as chair the Deutsche Asset & Wealth Management Executive Committee’s America's Executive Committee is effective immediately. Miller also joins the Deutsche Bank North America Executive Committee, led by Jacques Brand, Chief Executive Officer of Deutsche Bank North America.
Deutsche Asset & Wealth Management manages nearly $400 billion of invested assets for individuals and institutions in North and Latin America via traditional and alternative investments across all major asset classes, along with customized private banking services for high-net-worth individuals and family offices.
Deutsche Asset & Wealth Management is preparing for continued growth among Latin America’s richest people. The Latin American UHNW population is expected to grow by a rate of 12.1% over the next five years, according to the Wealth-X 2012-2013 World Ultra Wealth Report. Meantime, U.S. financial advisers are stepping up ETF exposure in their client’s portfolios. U.S.-listed ETF assets exceeded $1.5 trillion for the first time May 6, and investors injected nearly $64 billion into U.S.-listed ETFs in the first four months of the year, a 7.5% increase over $59.5 billion in the same period of 2012, according to data compiled by IndexUniverse.
With the addition of Miller, Deutsche Asset & Wealth Management is better positioned to address the very different needs of clients in the Americas and help unite the once-lagging unit.
The bank acknowledged in its 2012 shareholder letter that AWM “faced substantial organizational challenges: a complex 'five-way' business integration and sustained money outflows in Asset Management in the wake of the strategic review conducted in 2011and early 2012.” It’s since created a new integrated management team to improve performance with “an integrated Global Client Group and a unified investment platform.” It slashed the unit’s headcount by 10% since June 2012 and is now focused on the rebranding of the unified unit.
Miller worked at Morgan Stanley from 2006 to 2010, first leading the Central Division of the Global Wealth Management business, then as President and CEO of Van Kampen Investments. He previously worked more than 20 years at Merrill Lynch, where he served on the senior leadership team of investment managers. He joins Deutsche Asset & Wealth Management from Lightyear Capital LLC, a private equity firm, where he was a Senior Advisor overseeing the acquisition of financial services companies focused on investment and wealth management firms.
"Jerry is a talented leader and a highly respected figure in the industry. I am delighted that a professional of his caliber shares our excitement about the opportunity we have in the Americas and the quality of solutions we offer clients,” Michele Faissola said. “Under his leadership, we will continue to expand our Americas business, giving more clients the chance to benefit from our global asset and wealth management expertise."