Tim Smollen looks set to rejoin his old employers at Deutsche Bank after the bank recently announced the signing of Dresdner Banks Global Agency Securities Lending business from Commerzbank AG.
The Dresdner Agency Securities Lending business will be integrated into Deutsche Banks Trust & Securities Services business in Global Transaction Banking as part of its local custody franchise and will be overseen by Roger Harrold, Global Head of Domestic Custody Services.
Smollen, Global Head of Dresdner Banks Agency Lending business, will remain head of the business
Smollen left Deutsche Bank in 2002 heading a team defection of securities lending experts to Dresdner (then Dresdner Kleinwort Wasserstein), including David Martocci and Robert Boyd.
In 2005 Dresdner Kleinwort Wasserstein promoted Smollen to Global Head of Agency Lending following the retirement of Martocci, his fellow co-head of the Agency Lending business at the bank.
However after the sale of Dresdner to Commerzbank in May 2009, Dresdner Banks Global Agency Securities Lending business was not deemed part of Commerzbanks core business.