Deutsche takes a bite out of BoNY

More BoNY staff quit for Deutsche, reports Bob Crew

Since Peter Grafunder, Deutsche Bank's head of securities and custody in Frankfurt, told IPE in February that it was his bank's am-bition to overtake the Bank of New York (BoNY) and be-come number-three in cross-border trades worldwide, things have begun to happen, including the headhunting by Deutsche Bank of two more of BoNY's key staff in London.

Deutsche sources confirm that this month, two BoNY sales relationship managers - James Cassidy and Simone Racke - will join the German bank's global custody de-partment in London, reporting to Deutsche's head of European and Middle Eastern Custody, Roger Booth, who is also ex-BoNY. So far, Deutsche has taken five former BoNY global custody staff. Booth says that he would rather not comment" on developments at Deutsche at the moment. But he is not in a position to deny rumours that Deutsche is seeking to fill more custody vacancies this year - for people with 'special skills' - and it remains to be seen whether the increasing number of BoNY staff heading for Deutsche these days will give the Germans a competitive edge.

According to Booth, Deutsche has not acquired any new custody business recently and, certainly, it has not fared well in this year's league tables for global custody high-flyers. But it is currently bidding for the Strathclyde Pension Fund business in Glasgow (see below)."

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