UK/US/GERMANY – Investment banking group, Dresdner Kleinwort Wasserstein, part of the Allianz group, has poached three senior salesmen, Tim Smollen, David Martocci and Robert Boyd, from Deutsche Bank to help it penetrate the agency securities lending business.

Smollen will be based in DKW’s London offices while Martocci and Boyd will be based in New York. All three will report to Thomas Ruder, global head of interest rate derivatives and Roselly Ramseyer-Torres, deputy head of global equities.

DKW says the agency securities lending business is client-driven, low risk and profitable and will allow the Allianz group asset pool to be used more effectively, creating additional yield enhancement for asset holders within the Allianz group and their external third-party clients.

A spokeswoman for Deutsche Bank says its securities lending team has now lost 11 members from various offices. “Altogether our securities lending teams around the world number 240. Losing eleven won’t make any difference. And all our major clients have signalled that they are not concerned by the loss of three more salesmen this week,” she comments.

Meanwhile Deutsche Bank has announced that its European head of customer management for its global securities division, Stefan Gmuer, has resigned for personal reasons. Gmuer, who was based in Frankfurt, was responsible for sales of all futures products within securities lending, as well as custody and fund administration for European clients.

Deutsche has not yet appointed a replacement for Gmuer, but Christian Vogel, head of sales for the global securities, is taking over his role for the time being.