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
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
A Merrill spokeswoman said none of the three investment
officials have thus far been permanently replaced.