Expansion of German bank's U.S. wealth-business continues into a third year. Deutsche Bank Alex. Brown has opened new offices in New York and Miami. The branches target high-net-worth individuals and families in their respective markets.

Along with Deutsche Bank 's U.S. private-banking operations, DB Alex. Brown, the private-client consulting arm of Deutsche Bank Securities, forms the Frankfurt-based bank's U.S. Private Wealth Management (PWM) division.

No fooling

Regional executive Gary Mohamed runs the New York office. Jamie Zahringer heads up the new Florida location. Mohamed and Zahringer report to Michael Burke, managing director and head of U.S. private-client services at DB Alex. Brown.

"We are focused on attracting and retaining ultra high-net worth individuals and growing our client base in two of the country's largest wealth markets," says Burke. "We have also embarked on an aggressive hiring strategy for client advisors and anticipate a rapid ramp-up through 2007."

Deutsche has made a pile of U.S. PWM hires over the past two years.

The German bank already has an Alex. Brown office in Midtown Manhattan -- well uptown from the new office, which is on Wall Street -- and a Florida office in Palm Beach. Its other offices are in Atlanta, Baltimore, Boston, Chicago, Dallas, Greenwich, Conn., Houston; Los Angeles, Philadelphia, San Francisco, Washington, D.C., and Winston Salem, N.C.

Thomas Bowers, head of the Deutsche's PWM in the U.S., says "the continued growth and expansion of the Private Client Services business is core to our strategy in the U.S. and a reflection of our commitment to grow in this market." -FWR

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