(Reuters) – Deutsche Bank AG has hired John Arena from Bank of America to help structure art loans for ultra-rich individuals in the Americas, according to an internal memo on Thursday seen by Reuters.
Fine-art lending programs are a wealth-planning strategy designed to help individuals looking to fund an investment in fine art or make an addition to their personal collection.
Arena will be responsible for structuring highly complex art loans for Ultra-High-Net-Worth (UNHW) individuals at Deutsche Bank in Florida and will report to Bill Lordi, head of lending at Deutsche Bank’s international private bank in the Americas, according to the memo.
A company spokesperson confirmed the contents of the memo.
John spent the last 16 years as subject matter expert for fine-art lending in the Global Wealth Management Business at Bank of America. He had also focused on art lending to UNHW individuals at Citibank’s private banking division.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sherry Jacob-Phillips)