Deutsche lands DM2.2bn custody from Wackerchemie
GERMANY – Deutsche Bank Global Securities Services has picked up a DM2.2bn (e1.1bn) custody brief from the pension fund of chemical firm Wackerchemie, following the withdrawal of Credit Suisse from the German depository market.
Klaus Kirschenhofer, head of portfolio management at the fund, comments: “ We are just in the process of transferring the funds.
“ We made the decision due to the fact that Credit Suisse decided to close down their German institutional depot bank business in Germany.”
Kirschenhofer says Deutsche will be providing custody, reporting, and other value added services including securities lending, which he notes gave them an edge in the appointment.
“ Deutsche has a working securities lending system in Germany, which has already been practically proved and I think this makes a big difference from their competitors.”
The fund has also dropped JP Morgan from a DM140m advisory brief for US equities within its spezialfonds structure in favour of Pittsburgh based mutual funds outfit Federated Funds.