Bloomberg News reports that Paolo Lenzi and Gabriele D’Agosta joined Rothschild as co-heads of its Milan wealth unit, which will target new clients including families, companies, charities and foundations, Rothschild said in a statement today. Andrea Battilani is branch manager and chief operating officer and Francesca Speroni is senior client adviser.
'Our office in Milan will enable us from now on to integrate a new market that has potential for growth', Veit de Maddalena, co-chief executive officer of Rothschild Wealth Management & Trust, said in the statement.
In the meantime, Bloomberg News reports that Ben Pace, Deutsche Bank’s chief investment officer for wealth management in the Americas, is leaving, according to two people with knowledge of the matter.
Pace is departing along with a group of portfolio consultants, said the people, who asked for anonymity because the bank hasn’t announced the transition.
Deutsche Bank has been seeking to add business from rich clients to compete with larger managers such as UBS and Credit Suisse. Co-CEO Anshu Jain, facing stricter capital requirements that pressure profits at some investment-banking operations, promoted Michele Faissola, one of his investment-banking lieutenants, to run wealth and asset management in 2012.