MOVES Deutsche Bank hires five senior wealth managers from UBS

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/Files

ZURICH, July 6 (Reuters) - Deutsche Bank (DBKGn.DE) has hired a team of five wealth managers from UBS (UBSG.S), as it seeks to build out its Swiss-based private banking business for wealthy British and Northern European customers.

Led by Raoul Zehnder, the team will serve ultra-rich customers and the family offices that manage their wealth, as it seeks to gain market share in the market for British and Northern European money managed abroad, Deutsche Bank said in a statement.

"Today's announcement is a strong sign of the commitment and progress Deutsche Bank's EMEA Wealth Management business is making in this strategically important region," Marco Pagliara, the bank's head of international private banking for the Europe, Middle East and Africa (EMEA), said in a statement.

"We will continue to hire the best people in the industry to serve clients across the region in support of our ambitious growth agenda," he added.

Zehnder will assume the role on Oct. 1, joined by senior relationship managers Patrik Minuscoli and Michael von Mecklenburg, senior investment manager Philipp Portenier, and account manager Vincent Weisse.

Reporting by Brenna Hughes Neghaiwi, editing by Louise Heavens

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