Deutsche Bank is planning to expand its wealth management business in London even as it is reducing its banking activities in the UK. The bank would increase the number of employees in the private banking unit in London, according to a senior official in charge of wealth management for Europe, the Middle East and Africa (EMEA). At present, the bank has about 10 senior people focusing on wealth management in Britain. The official said the UK or the London region is like a magnet for wealth. The decision is contrast to the bank’s decision to focus more on Frankfurt in the wake of Brexit. The official said the bank is seeing increasing inflows coming from Asia, especially China and the clients from this region prefer London because the staff there speak English and has an Anglo-Saxon law system which they already know from the Hong Kong region. The bank’s competitor Swiss bank Julius Baer is opening 3 new UK offices.
