BNP Paribas Securities Services has hired a former partner at consultancy giant PwC to lead its Germany and Austria business.
Thorsten Gommel will join the custodian in April 2019, where he will be responsible for heading up development of the franchise in the two countries.
He will also lead its depositary bank in Germany, one of the most used in the country, and will head up the team based in Frankfurt.
Thorsten previously led PwC’s asset and wealth management sector in Germany and its consulting business for asset and wealth managers across EMEA.
“His [Gommel] in-depth of the capital markets and asset management in particular positions us well for further expansion in Germany and Austria, where we have ambitious growth plans,” said Patrick Colle, general manager, BNP Paribas Securities Services.
His appointment comes as BNP Paribas prepares to onboard €240 billion of assets for DWS on to its fund administration platform.
Upon completion of the deal, BNP Paribas Securities Services will become the fund administrator for DWS’s actively-managed funds in Germany and Luxembourg, as well as the custodian and depositary bank for its retail funds.