NEW YORK, March 18 Deutsche Bank's asset and wealth management division has hired Raphael Zagury, a derivatives expert who recently left Merrill Lynch, to run a group focused on wealthy clients in Latin America.
Zagury will join the German bank's New York office in three months so he can meet terms of the garden-leave severance agreement he reached when announcing his departure from the market coverage group of Merrill's wealth management unit a week ago, said a person familiar with his hire.
Zagury, 36, will continue to focus on developing customized products using derivatives for individuals and families with investable assets of about $20 million or more, an assignment he had at Merrill for more than five years.
His position as head of Deutsche Bank's Asset and Wealth Management division's key client partners and wealth investment advisory group in Latin America is newly created.
A native of Brazil and a chartered financial analyst, Zagury worked at Merrill, a unit of Bank of America, for more than five years. He also has worked at Goldman Sachs Group and Safra Bank.
At Deutsche he will jointly report to Ben Pace, chief investment officer of the bank's wealth management Americas unit, and London-based Dario Schiraldi, head of the global client group in the asset and wealth management division.
Three senior wealth management strategists and product specialists have left Merrill's private wealth management group in recent weeks, and the firm has not yet named permanent replacements. In addition to Zagury, the officials that have left were Lisa Shalett, who was chief investment officer, and Rick Galiardo, who was global head of advice, guidance and marketing strategy.
A Merrill spokeswoman said none of the three investment officials have thus far been permanently replaced.