Deutsche Bank AG (DBK), the Frankfurt-based lender that’s adding bankers for the ultra-wealthy, hired three advisers from Bank of America Corp. (BAC:US) for affluent individuals and families in the U.S.
Michael Dawson, 67, Stephan Farber, 41, and Stephen Cordill, 57, will join the German bank’s Houston office after overseeing more than $1 billion for clients of Bank of America’s Merrill Lynch business, Deutsche Bank said in an e-mailed statement today. Before joining Bank of America, Dawson spent more than 30 years at Goldman Sachs Group Inc., while Farber had worked for UBS AG. (UBSN)
“Texas is an extremely important region for us, with continued wealth creation as a result of innovation and outstanding ingenuity, particularly in the energy sector,” Haig Ariyan, co-head of wealth management for the Americas, said in the statement. “This team is highly regarded.”
Deutsche Bank is seeking to add wealthy clients to compete with larger rivals such as UBS and Credit Suisse Group AG of Switzerland. Deutsche Bank was the eighth-biggest wealth manager globally last year, with $387.3 billion of managed assets, according to Scorpio Partnership, a London-based research company. UBS topped the ranking with more than $1.7 trillion of client funds. Swiss or American firms accounted for 13 of the top 20.
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