Deutsche Bank PE unit loses executive

Pying-Huan Wang helped tailor private equity funds of funds for wealthy individuals at Deutsche Bank and expanded the private equity coverage in Asia.

Pying-Huan Wang, who has headed up investment management of Deutsche Bank’s private equity group for the past four years, is leaving the bank.

Wang is on garden leave from the bank and will join an undisclosed “boutique” asset management company in Singapore to head the unnamed firm’s Hong Kong office.

Wang declined to discuss her role outside of Deutsche Bank, but said she would continue focusing on alternative products in Asia including infrastructure private equity energy funds and Asian fund of hedge funds. 

At Deutsche, Wang headed the investment management for the fund of funds operation that collected capital from wealthy individuals. The team created funds that during the peak of the credit bubble raised hundreds of millions of dollars.

The wealthy individual clients’ appetites for private equity changed over time, she told PEO during an interview Thursday.

“There was definitely a reduction of interest. They were affected just like any other investor in the market,” Wang said about the wealthy individuals. “The one hurdle private equity clients always faced, and I think it is even higher after the crisis, is that private equity investments require them to take a long-term perspective. After the crisis, because a lot of people had done structured products, they inevitably had liquidity issues and were less willing to make long-term commitments.”

During her time at Deutsche, the wealthy individuals wanted to get more exposure to Asia, and Wang, capitalising on her Asian direct investment experience, led the due diligence and selection of Asian fund managers, she said.

Last year, Deutsche Bank acquired Sal. Oppenheim Group, including Sal. Oppenheim Private Equity Partners, and has been in the process of integrating the various teams.