Deutsche Asset & Wealth Management picked up a new regional executive from J.P. Morgan Private Bank.
Lee Hutter joined Deutsche in Los Angeles, where he will oversee the Western region for the German firm's wealth management arm in the U.S. Hutter was previously a managing director at J.P. Morgan. In his new position, he will report to Haig Ariyan and Chip Packard, co-heads of the wealth management division in the Americas. Executives say that the firm aims to build up its wealth management presence, particularly in western states.
"We believe Deutsches overall wealth management division provides a unique offering, as our platform seeks to deliver a boutique wealth management experience, while leveraging the vast resources of a global bank. We are committed to delivering just this on the West Coast where we a see growing demand for an innovative and comprehensive wealth management platform," said Ariyan in a statement.
On the West Coast, Deutsche is not alone. Regional firms like Baird and Raymond James have also been pursuing growth in the Pacific Coast states, where wealth generation has been strong, particularly in the tech sector.
Hutter, a two-decade industry veteran, had been with J.P. Morgan since 2006, according to FINRA records. Prior to that, he was a principal at SkyBridge Capital, an asset management firm, according to a statement from Deutsche.
This isn't the first time that Deutsche has recruited executive talent from J.P. Morgan. Last month, the Frankfurt-based firm picked up Mark LaRoe, a former J.P. Morgan managing director, as head of Deutsche's U.S. private bank in Texas. LaRoe, joined by another former J.P. Morgan vice president, Anthony Scotti, opened Deutsche's Dallas office.
"For us its a place where we [have been] under deployed," Jerry Miller, head of Deutsche Asset & Wealth Management Americas, told On Wall Street at the time of the hires. "There is a huge market for private banking services."
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