Deutsche Asset & Wealth Management (DeAWM) has announced the opening of its Private Bank in Dallas and the hire of Mark LaRoe as a Managing Director and Head of the U.S. Private Bank in the Texas region. LaRoe reports to Chip Packard, Co-Head of Wealth Management and Head of the Private Bank in the Americas.
DeAWM’s Private Bank offers comprehensive and customized financial solutions to ultra-high-net-worth individuals, families, and institutions.
“We are thrilled for Mark to lead our office in Dallas, as he has a proven track record as a leader in both the private banking industry and within the local community,” said Packard. “Mark will be critical in building upon our well established Private Client Services business and growing our new private banking business in Texas."
With more than 30 years of industry experience, LaRoe joins from J.P. Morgan Private Bank, where he was a Managing Director for over 16 years. While at J.P. Morgan, Mark held a variety of positions including head of their Florida market and, most recently, as a Senior Managing Director of the Dallas team and member of the Market Leadership Teams for the DFW Metroplex and Oklahoma. Before J.P. Morgan, LaRoe spent most of his career as a banker for Comerica Bank in Dallas. He currently serves as a Trustee for the Dallas Museum of Art and Dallas Symphony Orchestra, and is on the Board of Arlington Hall/Lee Park Conservancy. LaRoe is a graduate of Texas Tech University.
Anthony Scotti has also joined the firm as a Vice President and Private Banker. Prior to DeAWM, Scotti was a Vice President at J.P. Morgan Private Bank in Dallas, where he managed existing clients and developed new relationships throughout Texas. Prior to J.P. Morgan, Scotti was a relationship manager for Credit Suisse’s Private Bank in Los Angeles. Scotti received a B.A., B.B.A., and M.B.A. from Southern Methodist University.
“We believe our private bank offers a unique value proposition to its clients, as our platform seeks to deliver a boutique wealth management experience, while leveraging the vast resources of a global bank,” said Jerry Miller, Head of DeAWM Americas. “We are committed to delivering just this in regions where we see a growing need for innovative and comprehensive wealth management capabilities.”
LaRoe and Scotti are two of DeAWM’s latest hires in its push to expand its presence in the Americas. In July, DeAWM announced its expansion in Los Angeles, and late last year announced its growth in Latin America. The firm’s focus on private banking is in line with the firm’s 2015+ strategy, which includes significantly increasing relationships with ultra-high-net-worth clients and increasing relationship managers in key wealth markets over the next three years.