Deutsche Bank's Asia Pacific wealth mgmt head joining UBS-:- Equity Research

Deutsche Bank's Asia Pacific wealth management head Ravi Raju is leaving to join UBS, a source with direct knowledge of the move told Reuters on Tuesday, the latest senior departure from the bank in the region. The German bank later confirmed Raju's exit in a statement, adding its head of wealth management in North Asia Lok Yim would succeed him with immediate effect. It said Raju was leaving to pursue external opportunities, but gave no further details. It was not immediately clear what Raju's role would be at Swiss bank UBS, where he is expected to start in a few months, the source, who declined to be named, added. Raju, who joined Deutsche in 2007, played a key role in building its wealth management business in Asia, overseeing more than 700 employees in 15 locations. The region has emerged as a battleground for wealth managers as Western markets slow. His departure, the second by a high-profile Deutsche banker in Asia in the last few months, comes as Germany's biggest lender is battling to contain the damage from a US demand for a USD14 billion settlement over the sale of toxic mortgage bonds before the financial crisis. Concerns over Deutsche Bank have also shaken global markets. In June, Gunit Chadha, who joined Deutsche Bank as India CEO in 2003 and became a co-head for Asia Pacific in 2012, quit as regional head and was replaced a month later by the head of its global transaction banking, Werner Steinmueller. A UBS spokeswoman in Asia, and Hong Kong-based Raju declined to comment when contacted by Reuters.