With the importance of integrated business and the value investment banking can add to intermediaries in Cayman, Deutsche Bank’s Financial Intermediaries (FIM) Team is currently focusing on a joint venture between its Private Wealth Management (PWM) business and its Investment Bank arm that emphasises the importance of global reach. It is a ‘one bank’ approach that brings together investment banking, asset management and private banking.
The focus is on offering significant benefits to financial intermediaries in Cayman, particularly trust companies and family offices that are looking to access specialist investment banking and advisory services that might not ordinarily be available to them locally. Deutsche Bank was named best Global Investment Bank in the 2010 Euromoney Awards, so it is with confidence that this collaboration can bring its Investment Bank services to local intermediaries.
The partnership with the Global Banking division is aimed at ‘wealth creation’. It creates a ‘virtual community’ involving a close working relationship between the Bank’s investment bankers and its relationship managers, providing family offices and trustees in Cayman with institutional style advisory services. The other side of the partnership is with the Bank’s Global Markets division, which is more geared towards ‘wealth utilisation’. The partnership with Global Markets opens up opportunities for managing wealth that are ordinarily out of the reach of individuals, treating trustees and other financial intermediaries to an institutional service.
This partnership is proving increasingly attractive at the moment, with intermediaries taking advantage of it through the bank’s locally-based FIM team – a combination of a reaction to the financial demands presented by the current climate, and an appreciation of the benefits of working with a globally strong institution – for the Deutsche Bank Group, for example, the Bank’s Tier 1 capital ratio, a good indicator of stability, was up to 11.3 per cent at the end of the second quarter of 2010.
Through the Cayman team, locally based intermediaries can gain access to a network of global experts in the 70-plus countries in which Deutsche Bank has a presence. Not only does this add real value for financial intermediaries, it can also be a considerable benefit to the knowledge base of those intermediaries and, ultimately, the assets of their underlying clients.