People News - Deutsche, Gleacher, Scotiabank, UBS

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Deutsche Bank said on Wednesday it has named Jerry Miller to run the German bank's asset and wealth management business in the Americas.

Reuters reports that Miller, a Morgan Stanley and Merrill Lynch veteran, will be based in New York and report to Michele Faissola, head of asset and wealth management at Deutsche Bank.

In his new post, Miller will also chair the division's America's Executive Committee.

In the meantime, The Wall Street Journal reports that four directors of Gleacher & Co have confirmed they will resign at the embattled company's annual meeting next week as the biggest outside shareholder prepares to take charge of the board.

The directors, Henry Bienen, Robert Gerard, Bruce Rohde and Robert Yingling, confirmed their resignations in a letter to Gleacher's Chief Executive Thomas Hughes on May 9 and filed with regulators Wednesday.

And Bloomberg reports that Dynamic Funds, a unit of Bank of Nova Scotia, hired Myles Zyblock for chief investment strategist as the fund manager reorganizes.

Zyblock, previously chief institutional strategist for Royal Bank of Canada’s investment-banking unit, takes over from Rohit Sehgal, Dynamic Funds said today in a statement. Sehgal is moving from mutual funds to managing alternative assets, the Toronto-based firm said.

Finally, Reuters reports that after years of urging its financial advisers to sell more life insurance, UBS Wealth Management Americas is bringing in full-time experts and offering financial incentives to prod its tradition-bound sales force outside its comfort zone.

Most advisers are more comfortable dealing with stocks and bonds than life insurance products, and they resist the notion of delivering their clients to the insurance specialists at third-party firms that work with most brokerages, consultants say.

But UBS and other big U.S. firms want to expand sales of insurance as well as mortgages and other bank loans because the products can lock in client loyalty and generate fees that are often higher than in conventional investor advisory programs.

Deutsche Bank names head of Americas asset and wealth

Four Gleacher Directors Confirm They Will Resign May 23 - Filing (subscriber content)

Scotiabank’s Dynamic Funds Hires Zyblock as Chief Strategist

UBS Americas hires in-house experts to spur life insurance sales

 

 

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