Deutsche Bank promoted Charlie Burrows to oversee the expansion of the bank’s wealth management unit across the southeastern U.S., as the German lender builds out its business of catering to the ultrarich.
Burrows will move to Miami from New York City as part of his new role, according to a memo to staff seen by Bloomberg News. In addition to Miami, he’ll oversee the bank’s expansion in Palm Beach, Naples, Tampa Bay and Jacksonville, according to the memo.
A spokesman for Deutsche Bank confirmed the contents of the memo. “Charlie’s role includes representing the firm in all investment- and credit-related business in the philanthropic, institutional, high-net-worth and family office space,” Arjun Nagarkatti, head of Deutsche Bank’s international private bank in the Americas, and Anthony Valvo, co-head of New York and one of Nagarkatti’s top lieutenants in the region, said in the memo.
Burrows’ move comes as many wealthy Americans flee cities like New York for warmer, lower-cost cities across the south. Florida, for instance, has no state income tax, while New York City’s is among the nation’s highest.
Burrows previously spent nearly two decades at JPMorgan Chase, including as global head of deposits for the firm’s private bank. Before he joined Deutsche Bank in 2011, he ran a similar business at Bank of America.
Deutsche Bank has been steadily expanding its wealth management business in Miami and the number of professionals it has catering to wealthy Americans from the city has doubled to six in the last year. The firm is hoping to add as many as four others in the coming months as part of its growth plans, according to a person familiar with the matter, asking not to be named discussing internal deliberations.
“The continued strong connectivity between New York and Miami remain key to the future growth and development of this business and demonstrate Deutsche Bank’s commitment to Miami and the Florida market,” Nagarkatti and Valvo said in the memo.
