Deutsche Bank Wealth Management Streamlines Focus after Completing Sale of US Private Client Services Business
Deutsche Bank Wealth Management today announced that it will focus on making strategic investments in its US Wealth Management
business after successfully closing the sale of its US Private Client Services (PCS) unit to Raymond James Financial, Inc.
The unit will continue to operate under the name of Alex. Brown. The agreement was originally announced in December 2015.
Deutsche Bank Wealth Management has been strategically expanding its wealth management presence in selected US markets including
the West Coast and Florida.
“The successful sale of the US PCS business is a significant step toward the bank’s Strategy 2020 goal to become a simpler and
more efficient organization,” said Fabrizio Campelli, Head of Deutsche Bank Wealth Management. “We will now concentrate on further
building out our wealth management capabilities for ultra-high-net-worth clients in the US, underlined by a series of recent senior
appointments including Patrick Campion, who joined us last month as Head of Deutsche Bank Wealth Management for the Americas.”
Deutsche Bank and Raymond James will preserve and enhance the value proposition for Alex. Brown clients through a strategic
distribution arrangement, providing access to certain Deutsche Bank products and banking services.
Campelli continued: “We will now be able to better serve our clients and grow our Americas business by focusing on a single
distribution channel. We are looking forward to continuing our collaboration with Raymond James as a distribution partner.”
Deutsche Bank Wealth Management
With client assets of EUR 361 billion globally (as of June 30, 2016), Deutsche Bank Wealth Management¹ is one of the world’s
leading global wealth managers. Deutsche Bank Wealth Management offers high net worth clients a broad range of traditional and
alternative investment solutions, providing a holistic service for all aspects of Wealth Management.
¹ Deutsche Bank Wealth Management is the brand name of the Wealth Management business unit of Deutsche Bank Group. The
respective legal entities offering products or services under the Deutsche Bank Wealth Management brand are specified in the
respective contracts, sales materials and other product information documents.
Deutsche Bank AG
Press & Media Relations
Oksana Poltavets, 212-250-0072
oksana.poltavets@db.com
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