A newcomer to the American investment management market, Deutsche Bank Trust Co. has snared a private banker from BankAmerica Corp.
The New York-based subsidiary of the German banking behemoth hired veteran private banker Douglas H. Lemmonds late last month. Mr. Lemmonds, a senior credit officer, brings Deutsche Bank Trust's total staff to 85 people.
Previously, Mr. Lemmonds was the regional director of BankAmerica's New York office, where he worked since 1987. Mr. Lemmonds said his experience at BankAmerica taught him how to drum up business as a market outsider - a skill he now plans to use for Deutsche Bank.
"It's not a natural to kick up private banking prospects," Mr. Lemmonds said.
"To get in on the ground floor of something like this is going to be a lot of fun," the 23-year veteran of BankAmerica added.
BankAmerica has yet to name a replacement for Mr. Lemmonds. In the meantime, the New York staff will report directly to William Timoney, senior vice president in charge of domestic private banking at company headquarters in San Francisco.
Deutsche Bank's New York-based trust company, which opened in 1995 as the private banking subsidiary of Deutsche Bank North America, is also setting up a municipal bond portfolio group this week dedicated to wealthy clients.
Previously, most of Deutsche Bank Trust's clients were foreigners investing in U.S. equity markets. Now, its growing U.S. client base is demanding fixed-income products.
"It makes sense to expand our municipal bond offerings," said managing director Richard Stamberger.
To do that, he hired a team from Meredith, Martin & Kaye, a small firm that specializes in fixed-income investing. The group includes Timothy McDonald, who was named vice president and senior relationship manager for Deutsche Bank Trust.
A tax-exempt bond trader, Marina Galli, will oversee a portfolio for wealthy clients, while senior marketer Jennifer Vaughn and marketing research analyst Melissa Bernene are set to take on prospects.
Deutsche Bank's decision to bring in bond specialists follows a similar move last month by Union Bank of Switzerland. UBS hired Jean M. Martin and Joan Kaye - two former principals of Meredith, Martin & Kaye - to manage a tax-exempt bond portfolio.