Deutsche Bank AG (DBK), Germany’s largest bank, plans to move Marlin Naidoo, the Asia-Pacific head of a team that links hedge funds with potential investors, to the U.S. in the next couple of months after eight years in the region.
Naidoo will relocate to New York to co-head capital introduction for Americas with Gil Ottensoser, Amy Chang, a Hong Kong-based spokeswoman for the Frankfurt-based bank, confirmed by e-mail yesterday.
Angharad Fitzwilliams will move from London to Hong Kong to replace Naidoo, who has headed the Asia-Pacific capital introduction team since 2008, said Chang. Prime brokers also clear trades, lend securities and cash to hedge funds, and provide consultancy services to startups and managers.
Within Naidoo’s stint, the number of Deutsche Bank’s sole and prime brokerage mandates in the region more than doubled to 149 by April this year from five years ago, according to data from AsiaHedge, a London-based trade journal. The German bank has benefited from hedge funds’ hiring of multiple prime brokers since the global financial crisis to avoid being caught in the failure of a single service provider.
Deutsche Bank was ranked the third-largest prime broker in the Asia-Pacific region this year by the number of sole and shared mandates, behind Goldman Sachs Group Inc. and Morgan Stanley, according to a survey released by AsiaHedge last month. It placed fourth by estimated assets, trailing the two and Credit Suisse Group AG.
It is the largest prime broker in Hong Kong and China “which has become by some distance the biggest part of the Asian market by assets,” AsiaHedge said in the May 21 statement. It leads with both the 58 mandates and $8.6 billion of assets.
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