The A$6 billion ($5.02 billion) private investment vehicle of Australian billionaire James Packer, Consolidated Press Holdings, has recruited a former senior Deutsche Bank executive to be its chief executive.

The A$6 billion ($5.02 billion) private investment vehicle of Australian billionaire James Packer, Consolidated Press Holdings, has recruited a former senior Deutsche Bank executive to be its chief executive, the Australian Financial Review has reported.

Robert Rankin has known Packer as a client and friend for years, the publication says, quoting him as saying that the family-controlled entity has more freedom to act than is the case with ordinary listed companies.

“For whatever reason, I’ve tended to do well as a banker with the entrepreneurial companies. That’s been my strong suit,” he was quoted as saying. “[News Corp co-chairman] Rupert Murdoch is my business hero and I’ve been lucky enough to work for him. I’ve done a lot of work for [Hutchison Whampoa] chairman Mr Li Ka-Shing. And I’ve known James as a client and friend for years,” he said.

Most recently at Deutsche Bank, Ranking was its co-head of corporate banking and securities, located in London. He moves to Asia at the start of the role – a newly created one – in January next year.

He told the publication that the common theme across the portfolio of investments of the Packer entity was a connection to the growing of a middle class in countries such as China and India.

“Asian middle class growth drives a number of things,” he said. “It drives luxury brands globally. It drives iron ore sales out of Australia. It drives tourism into Australia. It drives capital flows out of China,” he said.

Sydney-headquartered CPH, via its subsidiaries, has interests in newspaper publishing, television, casinos, plastics, chemical manufacturing, ski resorts, fund management and debt collection, cosmetics, and meat processing areas (source: Bloomberg company data).