HSBC Trinkaus & Burkhardt KGaA has been selected by Essen-based Karstadt Hypothekenbank to manage 400 million in assets from its depot bank and custody business.
The win by HSBC Trinkaus & Burkhardt puts the sub-custodians assets under custody at 103 billion, up from 76.3 billion in the year to end 2005. HSBCs Dsseldorf-based subsidiary started its depot bank business in 1969 and in 2005 processed 31 million securities transactions.
The custody arm has undergone a recent expansion with the appointment of industry veterans Gina Slotosch and Daniel Brueckner. Slotosch joined last year as director of business development for HSBC Securities Services, Germany. She has 20 years of experience in the banking industry, having held similar positions in Frankfurt and London with The Bank of New York, Deutsche Bank and State Street Bank. Brueckner joined the custody services team as assistant director in September 2005 after serving seven years at State Street and Deutsche Bank.