Deutsche Bank today announced the appointment of Ajay Bagga as Head of Private Wealth Management (PWM), India, with immediate effect. Mr. Bagga replaces Nikhil Kapadia, who will relocate to Singapore to take up the new role of Chief Operating Officer and Head of Business Development for Deutsche Bank PWM Onshore in Asia Pacific.
Based in Mumbai, Mr. Bagga reports locally to Gunit Chadha, Chief Executive Officer of Deutsche Bank in India, and regionally to Singapore-based Venkatesh Narasiah, Head of Deutsche Bank PWM Onshore in Asia Pacific. In his new role, Mr. Bagga is responsible for growing Deutsche’s local private wealth management business, which focuses on serving the wealth management needs of high-net worth and entrepreneurial clients.
Mr. Chadha said: “Deutsche Bank Private Wealth Management has grown rapidly over the past five years and is broadly recognized as a leading private bank in India. Private Wealth Management is a highly specialized business and Ajay’s significant experience will further strengthen our offering to high-net worth clients, as well as increase connectivity with the investment bank in order to better serve entrepreneurs.”
Mr. Bagga joins Deutsche Bank PWM from Lotus India Asset Management, where he was Chief Executive Officer. Mr. Bagga has 19 years’ experience in the financial services sector, including senior roles at Citibank’s India consumer bank, GE Capital-SBI Cards, Kotak Mahindra Asset Management and Kothari Pioneer Asset Management. He has also held the post of Chairman, Financial Planning Standards Board of India.
After five years running Deutsche Bank PWM in India and overseeing substantial growth, Mr. Kapadia’s onshore expertise will be leveraged in a regional position which effectively sees him provide expertise to Deutsche Bank’s onshore private wealth businesses in Australia, China, India, Indonesia, Japan, Taiwan and Thailand. He will also report to Venkatesh Narasiah.
Mr. Narasiah said: “Nikhil’s role in overseeing the impressive growth of our PWM business in India will be of particular value as we continue building our onshore presence across the Asia Pacific region”.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
About Deutsche Bank Private Wealth Management, Asia Pacific
Private Wealth Management (PWM) is the division of Deutsche Bank that focuses on the needs of high net worth clients around the world. PWM manages a total of EUR 194bn invested assets through its network of over 90 offices in more than 30 countries worldwide. In Asia Pacific, PWM has over 780 staff located across 15 offices in 9 markets spanning North Asia, Australia, Southeast Asia and India.
Deutsche Bank PWM offers its clients an extensive range of investment products and services coupled with strategic advice to keep our clients ahead of the curve. This includes securities and mutual funds, foreign exchange, structured products, alternative investments, liquidity and credit products and advice in trust and fiduciary.
Deutsche Bank Private Wealth Management recorded a 19 % growth in invested assets in Asia Pacific in 2007 and now manages over Euro 24 billion on behalf of clients in Asia Pacific.
The Bank differentiates itself through a strong on-shore PWM presence around the region, with branches in Hong Kong, Shanghai, Tokyo, Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Taipei, Bangkok, Singapore, Jakarta, Surabaya, Sydney and Melbourne.
