As one of the largest investment banks in the world, Deutsche Bank (DB) has a comprehensive business lineup in investment management. There are mainly three types of investment managers in DB: private banking investment managers serving high-net-worth individuals, asset management investment managers serving institutional clients, and investment managers in other departments like equity research. This article will compare the roles, responsibilities, skills and career paths of DB investment managers across departments. Understanding the differences can help graduates interested in WM, AM or ER make informed career choices.
DB’s private banking investment managers focus on WM for HNWIs
DB’s private banking, known as Wealth Management (WM), serves high net worth individuals (HNWIs) and ultra HNWIs. Investment managers in WM are Relationship Managers (RMs) responsible for advising individual clients on investments and portfolio allocation. The role requires strong client interfacing and sales skills to understand client needs, risk appetite and build trusted relationships. Besides giving standardized model portfolio recommendations, WM investment managers will also recommend personalized solutions tailored to each client’s unique situation. Communication, networking and client knowledge are more critical than technical investment skills. Career progression is from Assistant RM – RM – Team Head – Market Head.
DB’s asset management investment managers focus on AM for institutions
DB’s Asset Management (AM) division manages investments for institutional clients like sovereign funds, pension funds, endowments, etc. Investment managers in AM play more specialized roles like portfolio management, manager research, risk management, product structuring, etc. The focus is using quantitative analysis and modeling for rational portfolio construction and optimization. AM investment managers tend to have strong academic training in finance and economics, and high technical competence in modeling, data analysis and portfolio optimization. They support the investment process with research and analytics. Career progression is from Investment Analyst – Portfolio Manager – Head of Investment Strategy.
Investment managers in other DB departments like ER focus on sector expertise
Besides WM and AM, some investment managers also work in other departments like DB’s Equity Research (ER) division. ER investment managers develop deep sector expertise and give stock recommendations to institutional investor clients. Key skills include financial modeling, valuation, analyzing companies and industries. ER career progression is Research Associate – Research Analyst – Head of Research.
In summary, DB investment managers have different focuses across WM, AM and ER. WM is client-facing, AM is quant-focused, and ER develops sector expertise. All require strong analytical ability, but career paths and skills emphases differ.