EUROPE – Jeffrey Tessler, former general manager of Europe at the Bank of New York, is to join Deutsche Börse as head of its Clearstream International custody arm.

The German exchange group said Tessler, 50, would join its executive board from October 6. “Tessler will be responsible for the banking and custody area within customers/markets,” it said.

He would become chief executive of Clearstream International on December 10, taking over from André Roelants, who will become chairman.

Roelants will focus on “client development, strategic marketing, and financial industry relationships and developments”. Current Clearstream chairman Robert
Douglass was named ‘chairman emeritus’.

Tessler was with the Bank of New York for 25 years and was replaced as Europe head by Tim Keaney in 2003 after five years in the post. His most recent job was executive vice president of BNY Securities Group where his role was to “coordinate strategic business development opportunities with the firm's largest institutional clients”.

Clearstream says it provides settlement and custody services to more than 2,500 customers worldwide.