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DEUTSCHE Bank hired former Citigroup executive Adam Proctor to help build out its UK wealth team as Germany’s biggest lender pushes to do more business with the world’s ultra rich.
Proctor, 45, will join Deutsche Bank in London next month as a managing director and senior relationship manager focused on ultra-high-net worth individuals and their personal investment firms, according to a memo to staff on Friday (Aug 30) seen by Bloomberg News. He will report to James Whittaker, head of the Frankfurt-based lender’s UK private bank.
A Deutsche Bank spokesperson confirmed the memo’s contents.
The UK is one of several regions Deutsche Bank has earmarked for wealth-management growth as part of a turnaround plan adopted in 2019.
Claudio de Sanctis, head of the private bank, outlined plans last year for the lender to double the assets it manages for rich families in South-east Asia and the Middle East, and recently hired a team of Credit Suisse bankers for that expansion. It is also seeking to hire more relationship managers in the US, where Arjun Nagarkatti leads wealth-management efforts for the lender, which had 613 billion euros (S$885.9 billion) in assets under management in its private bank at the end of June.
“The UK remains a key market and growth driver within our wealth business,” Nagarkatti, who is also head of the private bank for central Europe, said in the memo. “We’re well-positioned.”
Proctor, who started his career at Barclays, worked for about 13 years at Citi, where he rose to become head of Singapore, Australia and New Zealand before departing in 2021 to help run the family office of UK billionaire Simon Nixon. The following year, he left to take on his latest role as chief financial officer at Vertical Future, an indoor farming startup in which he is an investor. BLOOMBERG
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