NEW YORK (Reuters) - Deutsche Bank AG’s Asset & Wealth Management division said on Wednesday it hired an executive away from JP Morgan to spearhead the German bank’s goal to increase its adviser force in the U.S. western region by 15 percent in the next three years.
Lee Hutter joins as Deutshe Asset & Wealth Management’s head of wealth management for the U.S. western region, based in Los Angeles, from JP Morgan Private Bank, where he was a managing director and private banker.
In the newly created job, Hutter will oversee private bank and private client services in the western region. His appointment comes one month after the opening of a new private bank office in Dallas led by Mark LaRoe, who was also hired away from JP Morgan. Hutter will not oversee the Dallas office.
JP Morgan declined to comment on the departures.
Haig Ariyan, co-head with Chip Packard of Deutsche Bank’s wealth management in the Americas, told Reuters in July that the firm employs around 300 advisers in the United States.
Hutter’s hire is in line with an announcement the bank made in May.
“We are committed to delivering (Deutsche’s services) on the West Coast, where we a see growing demand for an innovative and comprehensive wealth management platform,” Ariyan said in a statement released by Deutsche.
Also on Wednesday, Deutsche Bank appointed Elizabeth Ford as the new head of compliance for the Americas, starting in early January. Ford joins Deutsche from Goldman Sachs, where she was global head of compliance for Goldman’s investment banking and merchant banking divisions and the executive office.
Deutsche Asset & Wealth Management had $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.
(This version of the story corrects the third paragraph to say that new West Coast head will not oversee Dallas office)
Reporting by Elizabeth Dilts; Editing by Dan Grebler