Deutsche Bank will grow its Birmingham office with up to 50 sales traders as it seeks grow the number mid-tier institutional investment firms it offers trading and execution services to.
The new team will attempt to capture a new client base that wouldn’t otherwise get the same level of attention the firm’s top fee paying clients do from London-based teams.
Traders will cover equities, fixed-income and listed derivatives with limited trading of structured products and recruitment will take place in coming months. Electronic trading services will also be offered from the Birmingham branch.
The extension is part of a transatlantic strategy by the German bank to grow sales traders outside of the bank’s UK and US headquarters, with Jacksonville, Florida establishing a similar sales team in coming months.
Deutsche’s Birmingham office already has around 1,000 staff working in infrastructure and private wealth management, and the additional sales traders will not come at the expense of positions in London, a source close to the matter confirmed.
In October, Deutsche Bank appointed its electronic and program trading heads to jointly lead its European equity division. Co-head Andrew Morgan previously led Autobahn Equity Europe, the bank’s electronic trading unit, and signalled the bank’s increased focus on electronic trading.