Deutsche names Bagga as wealth management head

Foreign lender, Deutshe Bank, on Monday appointed Ajay Bagga as the head of private wealth management business in India.

He would be responsible for Deutsche Bank's local private wealth management business that focuses on serving the wealth management needs of high-networth and entrepreneurial clients, the bank said in a press release on Monday.

Bagga has 19 years experience in the financial services sector and was previously serving as the chief executive officer of Lotus India Asset Management. He has also served with Citibank India, GE Capital-SBI Cards, Kotak Mahindra Asset Management and Kothari Pioneer Asset Management in various capacities, the bank said.

Bagga would be succeeding Nikhil Kapadia who will relocate to Singapore to take charge as chief operating officer and Head of business development for Deutsche Bank's private wealth management onshore business in Asia-Pacific.

Deutsche Bank's private wealth management division has a network of over 90 offices in more than 30 countries and manages invested assets worth Euro 194-billion.