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Deutsche Bank poaches ex-Morgan Stanley banker

FRANKFURT: Richard Glass, a Morgan Stanley veteran who left to start his own asset management company, is joining Deutsche Bank’s US asset and wealth management team as head of the small and mid-cap value equities unit.

Glass will become the lead portfolio manager for DWS Small Cap Value Fund, DWS Mid Cap Value Fund and DWS Small Mid Cap Value VIP, effective early September, Deutsche Bank said. He will be based in New York, reporting to Owen Fitzpatrick, the head of equities for the Americas region, the company said.

Deutsche Bank has made at least 10 recent hires at the asset and wealth management group in a push to boost profit from advising the rich and catch up with UBS and Credit Suisse Group.

Continental Europe’s biggest bank hired Caroline Kitidis from Goldman Sachs Group, Deutsche Bank said last month. The unit had €946 billion (US$1.25 trillion) of assets under management as of June 30, according to Deutsche Bank.

Glass will be joined by Mary Schafer, who also previously worked at Morgan Stanley Investment Management and who co-founded Lockwell Investments with Glass, and Richard Hanlon, who previously ran Glenville Capital Management and was co-head of the equity group at Silvercrest Asset Management Group. Schafer and Hanlon will report to Glass in their new positions.

“We are very pleased to welcome [Glass]  and enhance our equities offering as we continue to build on our strengths in the US,” said Jerry Miller, the head of Deutsche Asset & Wealth Management for the Americas.