Deutsche Bank's Pace set to leave wealth unit

Ben Pace, Deutsche Bank AG's chief investment officer for wealth management in the Americas, is leaving, according to two people with knowledge of the matter.

May 20, 2014 @ 3:15 pm

Ben Pace, Deutsche Bank AG's chief investment officer for wealth management in the Americas, is leaving, according to two people with knowledge of the matter.

Mr. Pace is departing along with a group of portfolio consultants, said the people, who asked for anonymity because the bank hasn't announced the transition. Mr. Pace, a frequent commentator on business television, worked at the bank for about two decades. He didn't respond to messages seeking comment.

Deutsche Bank has been seeking to add business from rich clients to compete with larger managers such as UBS AG and Credit Suisse Group AG of Switzerland. Co-chief executive Anshu Jain, facing stricter capital requirements that pressure profits at some investment-banking operations, promoted Michele Faissola, one of his investment-banking lieutenants, to run wealth and asset management in 2012.

Renee Calabro, a spokeswoman for Deutsche Bank, declined to comment.

The bank last year hired Felipe Godard from Credit Suisse to increase business from Latin American clients and Caroline Kitidis from the Goldman Sachs Group Inc. to advise ultra-wealthy customers in the Americas. Raphael Zagury joined from Bank of America Corp. and Antonio Braun came from JPMorgan Chase & Co. to focus on the Mexico market for Deutsche Bank.

(Bloomberg News)

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

What's next at CAIS?

With a strong 2017 behind them, CAIS doesn't want to lose sight of its clients as it embarks on 2018. Matt Brown explains how a new adviser council will help the firm grow in the year ahead.

Video Spotlight

Help Clients Be Prepared, Not Surprised

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

RIAs struggle to keep clients grounded amid stock market euphoria

With equities at record levels, financial advisers are confronted with realities of greed and fear.

Regulators showing renewed interest in cracking down on investment fees

SEC, Finra targeting high-fee share classes, 12b-1 fees and failure to give sales load discounts and waivers to investors.

Tax update: Brady says sales tax deduction in final bill

Taxpayers will be able to deduct state income taxes or state sales taxes in addition to property levies — up to a $10,000 cap.

Complexity of new indexed annuities causing concern

Insurers are using 'hybrid' indices as a way to differentiate themselves, but critics contend the products are less transparent, more confusing and don't add financial benefit.

Critics say regulation hasn't curbed overly rosy projections for indexed universal life insurance

They say rule didn't go far enough and more stringent measures may be necessary.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print