Danske hires new wealth management director

Gold Dollar

Danske Bank has hired a new director for its wealth management unit as the bank steps up its focus on areas outside traditional lending to cope with years of negative interest rates.

Bloomberg News reports that the bank recruited Henrik Gade Jepsen, 53, from ATP, the largest Danish pension fund, to oversee asset management at its wealth unit from August 1.

“The environment is challenging, and we’re in a situation where we’ll have to live with these challenging market conditions for a while,” Jepsen said by phone. “It’s even more important then to design the right, tailor-made solution for customers and that’s not easy.”

Chief Executive Officer Thomas F. Borgen has underscored his commitment to wealth management as Danske’s home market struggles to increase revenue in a region plagued by negative interest rates. Denmark’s central bank has kept its main rate below zero for the better part of four years, while in neighboring Sweden rates have been negative for more than a year. Estimates suggest that neither country will have positive rates until around 2018 at the earliest.

To access the complete Bloomberg News article hit the link below:

Danske Bank Hires Investment Head for $200 Billion Wealth Unit

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