Deutsche Bank bets on Hong Kong wealth boom as Asian billionaires look beyond US assets
Hong Kong is becoming a focal point for Asian billionaires seeking to pivot away from US exposure, Deutsche Bank’s private bank says
Deutsche Bank is seeking to capitalise on wealthy investors across mainland China, Hong Kong, Taiwan and the Philippines who are looking to diversify away from US assets, as it pushes ahead with ambitious expansion plans in the region.
Affluent investors from mainland China, Hong Kong, Taiwan and the Philippines – markets Deutsche Bank groups as “North Asia” – were becoming increasingly uneasy about their heavy exposure to US assets and were looking more closely at opportunities in Europe, according to Claudio de Sanctis, a member of the management board and head of Deutsche Bank’s private bank.
The shift in asset allocation is creating growth opportunities for Deutsche Bank’s private banking business, particularly in Hong Kong, which De Sanctis described as the region’s most dynamic wealth management hub.