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

+ Zoom

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

Pershing's Cirrotti: What's next for the fiduciary rule?

The Department of Labor's new fiduciary rule will have a lasting impact on this industry. Have we finally reached the finish line? Pershing's Rob Cirrotti explains what is to come.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Brian Block's $4 million bonus was tied to a key metric at ARCP

Prosecution rests case in fraud trial against CFO of American Realty Capital Properties.

Edward Jones is winning the Google search war

Brokerage firm's digital marketing investment helps land it at the top of local and overall search engine results, report finds.

Voya's win in 401(k) fee suit involving Financial Engines bodes well for other record keepers

Fidelity, Aon Hewitt and Xerox HR Solutions are currently defending against similar fiduciary-breach claims.

Collective investment trusts getting more attention from 401(k) advisers

The funds are catching on due largely to lower costs and more product availability, but come with some inherent drawbacks.

Vanguard rides robo-advice wave to $65B in assets

Personal Advisor Services, four times the size of its closest competitor, combines digital and human touch.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print