“This agreement will allow us to focus on our strategic priorities including investing in our U.S. private bank,” Fabrizio Campelli, Deutsche Bank’s global head of wealth management, said in the statement. “The U.S. is a key geographic region for Deutsche Bank’s wealth-management business.”

The U.S. private-client business, once part of Alex. Brown, was acquired by Deutsche Bank in its purchase of Bankers Trust Corp. in 1999. The $9 billion deal was a record at the time for a foreign purchase of a U.S. investment bank. The unit has about 200 advisors with about $50 billion of client assets and $300 million of revenue, according to the presentation.
 

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