Deutsche Bank has appointed Ajay Bagga, the former CEO of Lotus India Asset Management as the managing director and head of its Indian private wealth management business. Bagga quit Lotus AMC late last year after it was acquired by Religare Enterprises. Bagga officially joined Deutsche Bank on Wednesday.
Ajay Bagga has replaced Nikhil Kapadia, who has now relocated to Singapore to oversee Deutsche Bank's onshore private wealth business in Asia. Deutsche Bank has onshore private banking businesses in 9Asian countries and 15 businesses overall.
Bagga has more than 20 years of experience in financial services. He started his career with Citibank, where he worked for over 10 years. He later stepped into the funds management business with Pioneer ITI Asset Management Company Ltd.
Deutsche Bank has presence in 75 countries and an asset base of Euro 964 billion.