Deutsche Asset & Wealth Management hired a former executive and private banker from J.P. Morgan as it continues on its U.S. expansion plan.
Mark LaRoe joined Deutsche as managing director and head of the firm's U.S. private bank in the Texas region. LaRoe previously served as managing director at J.P. Morgan Private Bank, according to a statement from Deutsche. While at J.P. Morgan, LaRoe held positions overseeing the Florida market and Morgan's Dallas team.
He is joined by Anthony Scotti, who also left Morgan to join Deutsche as vice president and private banker. According to FINRA records, Scotti had been at Morgan since 2010, and worked for Credit Suisse before that.
Both are opening an office in Dallas for Deutsche, as part of the firm's growth plan in the U.S. For us its a place where we [have been] under deployed, says Jerry Miller, head of Deutsche Asset & Wealth Management Americas, which serves high-net-worth clients.
He adds, There is a huge market for private banking services.
The Frankfurt-based firm updated its strategy earlier this year and set goals of increasing its team of client advisors by 15% worldwide over the next three years, and accelerating growth in the U.S. market.
In the past three months, Deutsche recruited several high profile executives and two Los Angeles-based advisors, Matthew Coombe and Patrick Menerey. The recent additions are intended to strengthen the firms offerings to high-net-worth clients and bolster its presence in key Western markets.
Deutsche executives believe that the firm can be competitive in these high-net-worth markets because of its global scale, depth of expertise and technology platforms. "We can be helpful to a client almost anywhere in the world. There is a high level of connectivity," Miller says.
Worldwide, Deutsche had $1.31 trillion in assets under management as of June 30.
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