Deutsche Bank AG's Asset & Wealth Management division said on Tuesday it has opened a private bank in Dallas with two former JP Morgan Private Bank executives at the helm. The move is part of a global push to increase the German bank's financial adviser base by 15 percent in the next three years.
Mark LaRoe, a 30-year industry veteran who was previously the head of JP Morgan Private Bank in Florida and most recently its senior managing director in Dallas, was hired as Deutsche Asset's managing director and head of the U.S. private bank in the Texas region.
Anthony Scotti joined Deutsche Asset as vice president and private banker from his previous job as vice president alongside LaRoe at JP Morgan Private Bank in Dallas. Both LaRoe and Scotti resigned from JP Morgan Private Bank in June.
A spokeswoman for JP Morgan declined to comment on their departure.
The opening of the Dallas office is Deutsche Asset's latest step to restructure their regional operations in the U.S. Southwest and West Coast and to expand the adviser force there, Haig Ariyan, co-head of Deutsche Asset's wealth management in the Americas, told Reuters recently.
Deutsche Asset in the Americas currently employs about 300 advisers across its private bank and private client services sections, Ariyan said. The private bank, which has locations New York, Miami, Los Angeles, Chicago, San Francisco, Palm Beach, Florida; Dallas, and Greenwich, Connecticut, is on track to supersede the company's global growth plan of 15 percent in the next three years, he said.
Deutsche Asset has $1.31 trillion in global assets under management as of June 30. The firm provides wealth management and private banking services to high net worth and ultra high net worth clients.
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