Deutsche Exec Quits Ahead of Raymond James Deal

A top wealth management executive left Deutsche Bank, which recently agreed to sell its U.S. Private Client unit to Raymond James.

Chip Packard, who was recently promoted to head of Deutsche's U.S. wealth management unit, quit on Friday, according to a person familiar with the matter. A spokeswoman for the firm declined to comment on his departure.

Packard joined Deutsche in 2006 from Credit Suisse, according to FINRA BrokerCheck records. He initially served as co-head with Haig Ariyan.

When Deutsche announced the sale of the Private Client unit in December, Raymond James said it would operate the unit under its old name, Alex. Brown, and that Ariyan would move with the advisors in order to serve as the unit's new president.

Meanwhile, Packard was to stay with Deutsche, and in January, he was promoted to head of Wealth Management Americas at the firm. It's not clear where Packard is now headed, but his departure is the latest in a string of top executives leaving the helms of their wealth management firms.

In December Bob McCann stepped down from UBS. In January Greg Fleming quit as president of Morgan Stanley Wealth Management and John Taft announced his retirement as CEO of RBC Wealth Management-U.S.

Packard could not be reached for comment.

Deutsche Bank's U.S. private client unit has approximately 400 employees, including advisors and support staff. Most of the management team is expected to make the move to Raymond James, according to statements from the two firms when the deal was announced.

Raymond James recently reported in an SEC filing that it expects to spend about $420 million, including retention bonuses, to purchase the unit.

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