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Deutsche Bank's Pace set to leave wealth unit

May 20, 2014 @ 3:15 pm

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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)

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