Deutsche Bank Taps Art Finance Veteran John Arena to Head Art Lending
Deutsche Bank has actually called John Arena, a previous executive at Bank of America, as director for art financing. In his brand-new function, Arena will be entrusted with structuring complicated art loans for the bank’s ultra-high-net-worth customers. He will report to Bill Lordi, head of financing at Deutsche Bank’s worldwide personal bank in the Americas. Arena starts in his function this month, and will be based in Florida.
For the past 16 years, Arena has actually functioned as nationwide credit executive for art item at Bank of America, where he concentrated on art financing– associated functions. He has actually formerly operated at Citibank in the company’s personal banking department where he concentrated on art loans. He has actually likewise held functions at Chase Manhattan Bank and the Bank of New York.
” The art loaning area has actually grown in value to the monetary profile of our Ultra High Net Worth customers due to the quantity of cash they invest for the art in addition to the gratitude in its worth,” Arjun Nagarkatti, head of Americas at Deutsche Bank, stated in a declaration. He included that Arena has a proficient understanding of art as a, “distinctively important possession class.”
Globally, the art loaning market has actually reached an overall approximated in between $24 billion and $28 billion and is anticipated to reach $313 billion this year, according to a Deloitte study. As the worth of art collections continues to increase, personal banks are taking advantage of art financing services to encourage customers on how to utilize those properties to open capital for moneying brand-new acquisitions and funding other service endeavors.