Sydney, 24 November 2005 – Deutsche Bank has today announced the expansion of its Private Wealth Management Division in Australia by taking on the former HSBC Asset Management Private Investment Group.

In March this year, Challenger Financial Services purchased HSBC Private Investment Group as part of the broader HSBC Asset Management (Australia) Limited acquisition. Challenger then determined that the management of private client accounts was not a core activity for them, which led to the arrangement to transfer the business to Deutsche Bank.

The former Head of HSBC’s Private Client Group Trevor Williams explained “We were looking for an established investment management and private client business of significant standing that would understand the needs of our Not-for-Profit and Private Clients. We felt that Deutsche Bank was the best fit.”

Deutsche Bank’s Head of Private Wealth Management Australia Michael Parsons described the new business as a “complementary” addition to the Division which already has in excess of $1 billion of funds under advice for Australian clients. The successful transfer of 96% of funds managed by Challenger will result in a further $280 million. “We are delighted with the result” said Parsons. “This is an exciting step forward for our business and further demonstrates our commitment to the Australian market.”

As part of the arrangement, Deutsche Bank has hired former HSBC Asset Management employees Williams and Karen Orford. Williams was previously HSBC Asset Management’s Head of Private Clients for 18 years before moving to Challenger and Orford spent six years within the Private Client Group. In addition, former HSBC Asset Management Australian equities portfolio manager Tim Gough has joined the bank. All three report to Parsons.

On announcing the appointments, Parsons said “We are thrilled to have the new team on board, and to provide new investment choices to our Australian clients.”

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