Deutsche Bank's Asia Pacific wealth management head Ravi Raju is leaving the company after about a decade in various roles with the company in Singapore and Honk Kong.
Raju would be replaced by Lok Yim, the German company's head of wealth management in North Asia, with immediate effect, Reuters reported citing a company statement. It added that Raju was leaving to pursue external opportunities, without giving further details. The news report added that Raju would join UBS citing an unnamed source with direct knowledge of the move.
The graduate from Faculty of Management Studies worked with Deutsche Bank as its regional head Asia Pacific for their private wealth management business in March 2007 and worked in their wealth management division until 2016 as Asia head of the business, according to his LinkedIn profile.
The company's wealth management business in Asia Pacific has more than 600 staff across 15 locations in the region and has operations in more than 100 locations across the world. Raju was overseesing the franchise across nine countries in Asia Pacific.
He began his career in Citigroup in India as a management associate and spent 16 years in Citigroup where his last position was managing director and head of investments, strategy and M&A for Citigroup’s global wealth management sector in Asia Pacific and the Middle East.
Globally, the bank has seen its stock value eroding as it faces penalty from the US authorities for a mis-selling scandal a decade ago that could be running into $14bn (£10.5bn) penalty for the residential mortgage backed securities (RMBS) scandal.
A year before that, Anshu Jain and Jurgen Fitschen, co-CEOs of Deutsche Bank, decided to step down from their roles before the expiry of their terms. The decision came less than two months after Deutsche Bank was fined a record $2.5 billion by American and British regulators over alleged role in fixing Libor (London Interbank Offered Rate) between 2010 and 2003.
In its statement on the management changes, Deutsche said its global head of key client partners in wealth management, Anurag Mahesh, is also leaving and that it would announce his replacement in due course, added the report.
"We have a strong bench of senior managers and these changes will enable new talent to take over and lead the next phase in our growth story," the statement said.
"Our strategy for Deutsche Bank WM in the Asia Pacific region remains unchanged. Asia Pacific continues to be one of the cornerstones of our global investment plans and will only strengthen in importance over time."
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