A former head at Morgan Stanley's wealth management division – who left the US bank three months ago after working there more than 20 years – has re-emerged at German rival Deutsche Bank.
Michael Hall, who left his position as Emea chief administrative officer at Morgan Stanley's Private wealth management division in June, has been appointed as UK chief operating officer at Deutsche Bank Private Wealth Management.
Deutsche Bank said his role would involve shaping the division to ensure it grows profitably and safely in an increasingly regulated environment.
Hall reports to Tom Slocock, Deutsche Bank's chief executive of the private wealth management business in the UK, and Carsten Schildknecht, global chief operating officer for private wealth management. He joined Morgan Stanley in 1987, and has also held the position of head of operations for the division.
Slocock said in a statement that Hall's 24 years' experience would help to take the business to the next level in the UK.
A spokesman for Morgan Stanley said that Hall's role as chief administrative officer had not been replaced, but his responsibilities had been absorbed by the rest of the team: Pavlos Bailas, head of wealth management for Europe, the Middle East and Africa; Jon Bendall, chief operating officer; and David Haythe, head of sales for the UK, Nordic and Continental Europe.
Morgan Stanley said in its second quarter results its global wealth management group had total client assets of $1.7 trillion. Net revenues increased to $3.5bn, from $3.1bn in the same period last year. The firm said this primarily reflected higher asset management revenues and gains on securities held for sale.
In July, Financial News reported that Deutsche Bank's wealth division had suffered a fall in net revenues by 9% in the second quarter. The firm's interim report said total wealth assets had dropped to €274bn.
Separately BNY Mellon's wealth management arm has appointed Joshua Miller to a newly created position in the business, high net worth adviser. He will support clients in their private banking, wealth, tax and estate planning needs. Prior to his appointment at BNY Mellon, Miller was a practicing attorney at law firm Holland & Knight.
Sophie Baker is a reporter for Financial News, where this article originally appeared. Write to her here.