EUROPE – Philippe Seyll, head of investment managers for Continental Europe at the Bank of New York, has left to join Deutsche Boerse’s clearing and settlement operation Clearstream.

Clearstream Banking said Seyll is its new director of investment fund services. He will be involved in products such as its fast growing investment funds service Vestima+. Earlier this month Clearstream announced that Vestima+ transactions had risen 78.6%.

A Bank of New York spokesman said Seyll’s responsibilities had been assumed by two executives. He said: “Daron Pearce now runs this client segment for the whole of Europe with David Claus focusing specifically on the continental European piece.”

Last week the Bank of New York named Robert Darmanin as head of European custody and pensions, taking over from Richard Beaven who has left.

Clearstream processed 1.8m transactions in October and has €8.5trn in assets under custody.