Deutsche Bank Wealth Management’s recruitment turnaround in Asia is continuing into 2018 as another senior relationship manager comes on board.
Sagar Anand Sapra joined Deutsche as a Singapore-based managing director earlier this month, the latest in a series of major wealth hires at the German firm. He previously spent six years as a principal director in Standard Chartered’s private bank, according to his online profile.
His job move is part of a hiring drive that began in June last year when Lok Yim, DBWM’s Asia Pacific head, announced plans to add 50 client-facing roles – including RMs – in Asia during the second half of 2017. In December, Deutsche recruited six new RMs, all based in Singapore. It poached a team of four bankers, managed by Jonathan Ng, from BNP Paribas, and it took two others, led by Gregory Goh, from Nomura.
This expansion marks a recovery by DBWM, which had been on the brink of a staff exodus. In October 2016, Deutsche suffered the significant departures of Ravi Raju, its Asian wealth chief, and Anurag Mahesh, its Singapore-based global head of key client partners, to UBS. Another 20 Deutsche private bankers, about 10% of its Asian front-office headcount, were expected to follow them – both out of loyalty to Raju and to escape the turmoil then engulfing Deutsche’s wider business globally.
“But this didn’t happen,” says former Merrill Lynch private banker Rahul Sen, now head of wealth management at search firm The Omerta Group. “The RMs stayed back when they realised that there was quite a lot of client overlaps with UBS.”
Sapra mainly manages clients of Indian origin, including NRIs (non-resident Indians), says a source with knowledge of his move. This client segment is currently a focus for Deutsche, which has recently relocated Amrit Singh, the global head of its South Asia desk, from London to Singapore, he adds.
Sapra began his career as a branch manager at Citi in New Delhi in 1992 and left the bank 14 years later as wealth management head of Indonesia. His latest stint in Singapore began in 2006, when he joined Merrill Lynch as global head for South Asian private investment banking. Before moving to Stan Chart, Sapra was at Bank of Singapore between 2010 and 2011 as an executive director.
Stan Chart has itself been expanding in Asian private banking. It recruited more than 50 experienced private bankers and advisers in the year to October 2017, including several NRI specialists.
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