S.Oppenheim to win back client money in 2011: De Weck
By Lisa Jucca
DAVOS, Switzerland (Reuters) - Deutsche Bank (DBKGn.DE: Quote)'s wealth management head expects the battered Sal. Oppenheim franchise, which Deutsche is acquiring, to start winning back new client money in 2011.
Meanwhile Deutsche Bank's own wealth management division aims to grow its client assets by an annual 10 percent and to double the 29 billion euros assets it manages in Asia over the next three years, Pierre De Weck told Reuters in an interview.
"On Sal. Oppenheim there is a lot of work to be done," he said on the sidelines of the World Economic Forum.
"We will stabilize the Sal. Oppenheim base. Initial indications from clients are very positive."
Deutsche Bank agreed to buy the struggling Sal. Oppenheim group for 1 billion euros ($1.40 billion) in October and the sale of the blue-blooded banking brand, which has been serving the ultra wealthy since 1789, is due to go through this quarter.
The deal that will make the German bank the world's number eight wealth manager thanks to combined assets of more than 200 billion euros ($280.8 billion).
The crisis and the uncertainty surrounding the future of Sal. Oppenheim led Germany's best-known private banking brand to lose about three percent of net client assets in 2009.
But De Weck said he expected client flows at Sal. Oppenheim to stabilize in 2010 and to grow assets thereafter. Continued...