Deutsche Bank has announced plans to open a prime broking department in Singapore. It follows in the footsteps of rival prime brokers, including Morgan Stanley and Citi, which opened in the Lion City earlier this year.

DeutscheÆs expansion in Singapore will be staffed by existing Deutsche staff. It will take the form of a capital introductions desk, headed by Ferrell Daste, who heads their capital introductions service in Asia and now transfers to Singapore from Hong Kong. He will be assisted by Nilesh Navlakha, who will take the role of hedge fund equity sales in Singapore.

A prime broking financing desk will form the other leg of the Singapore presence. That will be run by Scott Basili and helping him will be Anusha Varma.

According to the Monetary Authority of Singapore, there were 190 hedge funds in Singapore at the end of 2006, with total assets under management of $26.5 billion, which represents growth of 76% over 2005.