Shaun Parkes, former vice president and global product manager for collateral management services at the Bank of New York (BNY) office in London, says he joined Deutsche Bank primarily because he saw vast potential for growth. Certainly, hiring Parkes is a palpable sign of commitment by the giant German bank. Parkes, installed on November 1 as global head of tri-party services at Deutsche Bank in London, is a ten-year veteran of an industry which has answered to the name of collateral management for about one tenth of that time. After starting at Chemical, he stayed on after the Chase merger but eventually joined a Bank of New York in 1995. He resigned from BNY – where his responsibilities included product development, sales and marketing of tri-party equity programs in Europe, Japan and the United States – in September.
Parkes will cover much the same beat at Deutsche Bank: marketing, sales and development of tri-party collateral management services in Europe, Asia and North America. However, the scope for building collateral management services both within the bank and behalf of its clients, is much larger than it was at BNY. Parkes sees his group getting involved in any business where collateral is used. Deutsche Bank has a number of well established and market leading businesses that are big users of collateral – prime brokerage, equity finance, structured trading, securities lending – and Parkes hopes for opportunities to work on tri-party collateral management services that can complement these businesses. “The brand and the franchise are fantastic,” says Parkes. “There is so much more awareness of Deutsche bank internationally than the other players, and so much more scope to do business. Because of the size and depth of its businesses, Deutsche touches far more clients in far more ways than its competitors do.”
Based in London, Parkes reports to Frankfurt-based Stefan Gmuer, head of Customer Management for Europe within the Global Securities Services division at Deutsche. At Bank of New York, Staffan Ahlner has replaced Parkes on the tri-party collateral management services team headed by Art Certisomo, senior vice president and division head of broker-dealer services.