Deutsche Bank realigns its custody business to better service customer needs
London, Deutsche Bank today announced a realignment of its custody and related businesses around three core pillars; clients, products and regions.
The business, formerly known as Domestic Custody Services in the Global Transaction Banking division, has been renamed Direct Securities Services (DSS), and is comprised of the existing Custody Services, Securities Clearing, Domestic Fund Services and Agency Securities Lending units.
At the same time the bank announced a number of new staff appointments in DSS:
Rob Scott and Michael Aschauer become Co-Heads of Global Sales & Relationship Management, with a remit to further strengthen the business’s focus on meeting increasingly complex client needs. In particular they will ensure clients have a single point of access to all products across all regions, and that Domestic Fund Services and Agency Securities Lending are fully integrated into the product offering to clients.
Thibaud de Maintenant becomes Global Head of Domestic Markets, unifying responsibility for all regions and domestic markets to further develop its people, products and services in local markets. Thibaud will also continue to improve the consistency of service delivery for clients across all markets and ensure the implementation of best practices globally. Thibaud will retain responsibility for Domestic Fund Services globally.
Stephen Lomas becomes Global Head of Custody & Clearing. In this role he will focus on ensuring the business delivers a robust product offering across all markets. A key priority will be preparation for the implementation of Target 2 Securities in Europe and the continued expansion of our presence in emerging markets. In addition Stephen will continue to lead the group’s important market advocacy and industry forum activities and will work with key customers to ensure that their feedback is central to new product developments.
Tim Smollen continues in his role as Global Head of Agency Securities Lending, bringing existing and new clients into the group’s lending program and focusing on further developing the service in evolving domestic securities markets.
Rob, Michael, Thibaud, Stephen and Tim will report to Roger Harrold, Global Head of Direct Securities Services, and are all members of the DSS Global Executive Committee. Michael Aschauer will retain his existing responsibilities for the business in Eastern Europe and Rob Scott will continue to provide strategic input to the Securities Clearing business.
Commenting on the new structure of Direct Securities Services at Deutsche Bank, Dinkar Jetley, Global Head of Trust & Securities Services/Cash Management Financial Institutions within GTB said, “The DSS business offers a powerful combination of products to a diverse client base. We intend to significantly grow our business by taking full advantage of this unique platform, strong network and extensive product expertise with a client-centric approach to the market.”
Roger Harrold, Global Head of DSS said, “This new streamlined structure demonstrates our determination to keep the needs of our clients at the heart of our business and ensure we develop our product around the complex challenges they face in an increasingly regulated and constantly evolving market.”
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 80,849 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Direct Securities Services provides a range of custody, clearing, fund administration and agency securities lending services in more than 30 markets worldwide.
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