Deutsche Bank and DWS have announced their intention to expand their existing strategic partnership in discretionary portfolio management.

The private bank and wealth manager’s portfolio implementation will be supported by DWS’s institutional investment and execution platform as part of the plans.

Under the updated model, Deutsche Bank Private Bank will continue to be responsible for the strategic asset allocation, portfolio design, and investment strategy led by its global chief investment office.

The firms stated that this model would combine Deutsche Bank’s private banking advisory model with the scale and robustness of the asset manager’s investment infrastructure.

The partnership aims to strengthen investment implementation for high net worth (HNW) private clients.

For private banking clients, the fundamental characteristics of discretionary portfolio management will remain unchanged, with assets continuing to be held in individual accounts with Deutsche Bank Private Bank.

The firms said the expanded partnership reinforced their shared ambition to further develop discretionary portfolio management as a core managed solution for private wealth clients.

“At the recent Investor Deep Dive, I outlined our ambition to accelerate the growth of our wealth management franchise, including our commitment to doubling discretionary portfolio management volumes within the next three years,” said Deutsche Bank Private Bank head, Claudio de Sanctis.

“By partnering with DWS, we are building a scalable, institutional-grade platform that enhances our discretionary capabilities and further strengthens our proven Global Hausbank approach.”

DWS chief executive officer, Stefan Hoops, added: “Unlocking the potential of closer collaboration within the Deutsche Bank Group is a key lever for future growth.

“Building on our strong history of serving Deutsche Bank Clients with DWS products, the expansion of our partnership in discretionary portfolio management is a tangible example of how we can create additional value – by contributing our institutional investment and execution capabilities to help deliver better outcomes for Deutsche Bank’s clients.”

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