Deutsche Bank said it will open a new representative office in St Moritz, Switzerland next year and has appointed Hanspeter Danuser to assist with its development.

The new St Moritz office is intended to enhance Deutsche Bank’s wealth management capabilities for high net worth clients in Switzerland.   Scheduled to open in January 2009, the new office adds to the firm’s existing Swiss bases in Zurich, Geneva and Lugano. 

Hans-Jürgen Koch, Deutsche Bank chief executive, said at a press conference in Zurich: "The fact that we are expanding our wealth management to include a tourist centre such as St Moritz is also the result of our continuous growth in Switzerland."

Mr Danuser, a tourism and marketing specialist, will primarily assist Deutsche Bank in bringing together potential clients with the bank’s advisors.

"Mr Danuser is a real Swiss perennial. He knows the St. Moritz region like the back of his hand and also has an excellent international network, which is unequalled both here in Switzerland and also internationally," said Mr Koch.

Deutsche Bank and its wholly owned subsidiary Rüd, Blass & Cie currently manage client assets of SFr55.2 billion ($45.9 billion).  The bank employs around 1,000 staff in Switzerland, of which 765 specialise in providing services for high net worth individuals. 

Globally, Deutsche Bank's Private Wealth Management unit looks after more than 91,000 HNW individuals across 31 countries, and has assets under management of approximately $246 billion.