Michael Aschauer has left his role of managing director, regional head of Eastern Europe, Domestic Custody Services at Deutsche Bank.
Aschauer joined the bank from UniCredit Markets & Investment Banking where he was head of Custody Eastern Europe, as position he held for eight years. Since joining Deutsche Bank in 2009, Aschauer has been instrumental in growing the banks Direct Securities Services (DSS) business.
He is not being replaced. Instead, Deutsche Bank is integrating two teams. Deborah Thompson, who was until recently in charge of global sales of fund services, now heads an enlarged Financial Institutions & Securities Sales DSS team, adding custody and securities lending to her remit. Thomson has a background in Deutsche Banks Corporate Banking & Securities division, dealing with both alternative funds and the banks institutional clients.
These organizational changes are part of a broader strategy and a Global Transaction Banking growth target, publicized in September 2012, to more than double income before interest and tax from 2011 levels by 2015. One of the pillars of that strategy is closer collaboration and integration across Deutsche Bank. A statement from the bank said: Integration means organizing ourselves in such a way as to offer clients a holistic experience, a single point of access for all the services they might need. So, last year, to more accurately reflect our clients requirements, we changed the way our product teams are organized and added fund services to DSS existing portfolio of custody and securities lending services. This year, it made sense to do the same with our sales organization by injecting broader expertise into the DSS sales team and providing clients with a single interface to meet all of their needs from fund administration, through securities lending, to clearing and settlement.
(JDC)