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Deutsche WM hires three Julius Baer bankers in Dubai

Deutsche WM hires three Julius Baer bankers in Dubai

Deutsche Bank has snapped up three bankers from Julius Baer to  bolster its wealth management business for South Asia.

The German lender said Abhishek Sharma, Ravi Sidhu and Kabir Sharma have joined its Global South Asia team in Dubai as director-level relationship managers.

They will serve offshore Indian clients and report to Armit Singh, Deutsche’s head of wealth management for Global South Asia.

Deutsche said two more hires, who held managing director and director-level posts at Julius Baer, were expected to start soon. The lender declined to give more details, but told Citywire Asia that the duo will be on the same South Asia team. 

The hires are part of Deutsche’s wider strategy to develop its wealth management business. It hopes to make targeted investments and recruit more client advisors in key emerging markets.   

Last month, Lok Yim, its head of emerging markets, told clients at a closed-door event that Deutsche's growth strategy for wealth management in the Asia-Pacific region hasn't changed.

He said that any impact from the restructuring of its investment banking division was expected to largely manageable.

Deutsche is in the midst of overhauling its business to focus on corporate banking, private banking and asset management. 

It is eliminating its equity trading unit and scaling back on investment banking. This will cost about 18,000 jobs globally, but save the lender around $19 billion by 2022.

In the second quarter, Deutsche reported a net loss of 3.1 billion euros ($3.5 billion), due to restructuring costs.