Ex-Invesco chief executive joins Deutsche

DeutscheBank Australia has appointed formerInvesco Australiachief executive officer Michael Parsons as managing director and head of its private wealth management business.

Parsons resigned from his previous role in August last year after the division of his time between Sydney and Melbourne became a burden, and followed Invesco’s purchase of County Investment Management back in January 2001.

He will now be based in Sydney and report jointly to Deutsche chief executive officer Australia and New Zealand, Chum Darvall, and Singapore-based head of private wealth management Asia-Pacific, Rico Caduff.

Parsons, who started his new role on April 28, spent 16 years withBT Financial Groupprior to his time at Invesco, and held a number of senior roles including head of BT’s private investment division between 1988 and 1998, and institutional asset management division between 1998 and 2000.

Deutsche Bank’s private wealth management division offers high-net-worth investors access to services, products and intellectual capital through both strategic advice and investment selection services.

“Michael brings a great depth of experience to an already strong team, and his involvement in the continued development and refinement of our private wealth management business is a significant development for our franchise,” Darvall says.