"Private clients are becoming more international. With the growth in global financial television and online trading, private clients are more aware of international investments," Bee said. These investments bring currency exposure that must be managed, and this presents a good opportunity for banks such as Deutsche to provide them with forex services, he said.
In common with the fund management community, wealthy clients are also increasingly recognising foreign exchange as a separate asset class, said Bee, and are trading more currency speculatively.
Turley said in an internal memo at the time of Bee's appointment: "Deutsche's forex business is poised for considerable growth across client segments. Bee will develop a viable global bridge between foreign exchange and the private wealth management division to support our vision of being the forex provider of choice to the financially successful."