Faby to head local DB Alex. Brown

Managing director to lead expansion

February 16, 2007|By Stacey Hirsh | Stacey Hirsh,Sun reporter

Deutsche Bank Alex. Brown, the private client services division of Deutsche Bank Securities, said yesterday that it has hired a former Morgan Stanley executive to oversee and expand its Baltimore office.

Rick Faby was named Deutsche Bank Alex. Brown managing director and regional executive in Baltimore effective immediately. In his new post, Faby is responsible for "the oversight and expansion of Deutsche Bank Alex. Brown's Baltimore branch office and for achieving the firm's growth objectives," the company said in a statement.

The company could not make available someone to comment on what its growth plans are.

The Alex. Brown name is one of the most storied in Baltimore's financial history. Founded in 1800, Alex. Brown & Sons played a prominent role in Baltimore's - and the nation's - development, underwriting the first public offering in 1808 and later the B&O Railroad. In its later years as an investment bank, it helped bring some of the country's most famous companies public, including Microsoft and Starbucks. The 30-story skyscraper at 1 South St. that carries its name remains a signature building in the city's skyline.

But its role changed after its sale a decade ago to Bankers Trust Corp., which was itself acquired by Deutsche Bank AG the following year. The company has since steadily reduced its Baltimore work force and shifted the investment banking functions elsewhere.

Deutsche Bank has about 400 workers in Baltimore, though the company could not break down how many of those employees work for Deutsche Bank Alex. Brown.

Faby comes to Deutsche Bank Alex. Brown from Morgan Stanley, where he was a senior vice president heading up the Baltimore operation. There, he also helped open a North Baltimore office and five others.

Faby succeeds Bill Baird, who has been named head of the Deutsche Bank Alex. Brown branch's supervisory organization.

"Baltimore continues to be a rapidly growing market for high net worth and ultrahigh net worth clients and is an important region for us," Thomas Bowers, head of Deutsche Bank's U.S. private wealth management division, said in a statement. "Under Rick's leadership I am confident that Deutsche Bank Alex. Brown Baltimore will continue to expand its strategic and full-service capabilities that meet the needs of our high net worth clientele."

stacey.hirsh@baltsun.com

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