Tim Smollen has quit Deutsche Bank, heading a team defection of securities lending experts to Dresdner Kleinwort Wasserstein (DrKW). Smollen will head a new DrKW agency securities lending business from London, while two colleagues from Deutsche Bank – David Martocci and Robert Boyd – will be managing directors in New York. They will report to Thomas Rder, Global Head of Interest Rate Derivatives and Roselly Ramseyer-Torres, Deputy Head of Global Equities.
The main aim of the appointments is to extract value from the Allianz Group asset pool, but also to attract third party business. Andrew Pisker, Head of Global Debt at DrKW, said: “These senior appointments reflect our ambition to create a substantial and market leading Agency Securities Lending business. This initiative will increase the performance of Dresdner Kleinwort Wasserstein and further enhance our synergies with the Allianz Group.”
In a separate development, it is understood that Roy Zimmerhansl, the former head of global collateral management at Rabobank International, has joined the securities lending group at Deutsche Bank. He will report to John Burgess, the former Bankers Trust executive who heads up securities lending at Deutsche.