Deutsche Bank has appointed Thibaud de Maintenant, former head of Direct Securities Services (DSS) Markets across the banks network, as global head of the DSS division. He is the third person to hold the role just this year amidst a barrage of people moves at the highest level within Deutsche Banks securities services business in the past two years.
The appointment puts de Maintenant in charge of Deutsche Banks custody, clearing and settlement, agency securities lending and fund services businesses in more than 33 securities markets across Europe, the Middle East, Asia Pacific and the Americas.
It is just the latest in a string of people moves among the executive management team at the custodian bank following the 2009 appointments of Michael Aschauer (who was global head of custody at UniCredit) and David Penstone (who was global head of sales & business development at UniCredit).
Not long after the arrival of Aschauer and Penstone, Deutsche Bank announced a “realignment” of its custody businesses along client, product and regional lines, renaming the Domestic Custody Services business Direct Securities Services and folding into it the broker-dealer clearing, fund administration and securities lending businesses, as well as the local custody services.
As part of the realignment, Michael Gedigk, who was managing director and global head of client management and origination for the custody, trust and securities services businesses at Deutsche Bank, leftor was asked to leavehis post. Aschauer and Rob Scott were appointed co-heads of the realigned DSS business, although Scott ultimately resigned five months later, leaving Aschauer solely in charge of the division.
A month later, in January this year, Roger Harrold resigned as global head of DSS at Deutsche Bank. It was understood at the time that he did not want to relocate from Singapore to London as ordered by his boss Dinkar Jetley, then global head of trust and securities services and cash management for financial institutions. Harrold was replaced by Howard Topf, who previously was head of Deutsche Banks Global Transaction Bank (GTB) business in the Americas.
Jetley himself stepped down in March, and was hired in May by J.P. Morgan to become CEO of its Worldwide Securities Services business. In turn, in October, Jetley hired Harrold at J.P. Morgan to serve as its Asia Pacific Investor Services Executive.
Meanwhile, Satvinder Singh, former head of Direct Custody and Clearing in EMEA at Citi, was brought on in September to replace Jetley as global head of Deutsche Banks Trust & Securities Services (TSS) division. Shortly thereafter, Topf left the bank.
De Maintenant fills the role vacated by Topf in October. De Maintenant was hired by Deutsche Bank in 2000, when he helped build its sub-custody franchise, primarily in Europe. He then moved to Singapore to become head of DSS Asia Pacific, and ultimately returned to Europe to serve in his most recent role as head of DSS Markets. As global head of DSS, de Maintenant will be based in London and report to Singh.
Thibaud is a leading industry figure who brings to his new role vast experience across Asia and Europe that can be harnessed to ensure DSS is well positioned in the rapidly changing regulatory and infrastructure landscape, Singh says. With considerable experience in running businesses and working with clients, Thibaud will help position DSS as the leading provider in the industry.
Aschauer and Penstone were brought on to help expand the TARGET2-Securities footprint of Deutsche Bank, Penstone told Global Custodianin an interview last month. We joined Deutsche Bank because they want to expand their T2S footprint to have experts on the ground in each market, he says. The bank launched a direct custody service in the key Central & Eastern Europe market Austria last year, which it considers a bridge into Eastern Europe by way of leading the consolidation of the Vienna, Slovenian, Hungarian and Czech stock exchanges.
(CG)