One of the worst-kept secrets in the custody industry today will become official tomorrow when Deutsche Bank names former Brown Brothers Harriman network chief Andrew Rand as regional head of Direct Securities Services (DSS) in EMEA within its Global Transaction Banking division.
The appointment has surprised some in the industry, but it has the impeccable logic of any gamekeeper-turns-poacher appointment. With (as yet) no return to the global custody industry planned, Deutsche Bank can offer an unconflicted service to the large American global custodians, and nobody know better than Andrew Rand what they do and do not like from their sub-custodian banks.
In practice, Rand will be responsible for raising the standards of service throughout the 13-country sub-custody network of the German bank in Europe and the Middle East, as well as ensuring it has the capacity, process efficiency and value-adding mindset to service the large and important accounts the new regional head will be expected to bring in.
Thibaud de Maintenant, global head of Direct Securities Services at Deutsche Bank, to whom Rand will report, says the appointment will enhance as well as increase the profile of Deutsche Bank among large network managers. He adds that it also serves as proof that the bank is continuing to invest heavily in order to expand the external proportion of its book of clients.
Rand will run the locations from Eschborn, near Frankfurt. As visitors to the GC Legends Web site will know, moving from Boston to Germany will be less of a shock for Rand than might be supposed. He started his career with an Arab bank, has lived in Russia and Turkey, speaks Spanish and Russian, read French and (as his GC Legends profile points out), has inherited from his maternal ancestors a full understanding of the importance of food and beer in Germanic culture.
Rand will also represent Deutsche Bank on internal national and international market committees, and take charge of preparations for the coming of T2S. With Andrews appointment we are further strengthening our DSS team and franchise in continental Europe, says Satvinder Singh, global head of Trust & Securities Services and Cash Management for Financial Institutions at Deutsche Bank. Andrews proven track record will prove invaluable and his decision to join Deutsche Bank reinforces the excellent reputation of our securities services business.
(DSH)