Fred Wynn, left, Keith Johnson, centre, and Stefano Finetti of Deutsche Bank. (Picture by Peter Frankland, 0669915)
DEUTSCHE BANK is now offering a full range of custody services in Guernsey.
Its full custody licence was granted by the Guernsey Financial Services Commission and allows the bank to provide a complete range of services from the island.
Andreas Tautscher, managing director of Deutsche Bank in the Channel Islands, said the offering had been in the pipeline for more than 12 months and would consolidate the bank’s position as a leading custodian in the European time zone while also making it one of the only truly global custodians in the Channel Islands.
Deutsche Bank has been offering a custody service for more than 25 years through its Jersey office, where it acts for assets valued at more than 12m. euros.
For the new Guernsey offering it has established a dedicated custody management team including Keith Johnson, head of custody solutions, and Fred Wynn, head of booking centre support.
They are supported by Stefano Finetti and his colleagues in the bank’s financial intermediaries team and by staff in Jersey, who can undertake relevant custody and operational procedures.
‘Being granted this full custody licence is a natural progression for Deutsche Bank, reflecting its commitment to the jurisdiction as a leading funds centre,’ said Mr Johnson.
‘We have worked closely with the GFSC to realise our objective of gaining this licence and its guidance and encouragement have been first class.
‘Guernsey remains at the forefront of international funds business and we are looking forward to complementing this by growing our full custody service and helping to ensure that the island becomes a major player for worldwide custodial services.’
The new licence is expected to be particularly attractive for those seeking custody services for open-ended funds due to the regulatory requirement for such funds in Guernsey to use a locally-based custodian. And despite the value of funds under management in Guernsey decreasing in the quarter to the end of September by £5.8bn to £201.4bn, Deutsche Bank has reported increased demand for custody services for the open-ended market.
Its new business is also expected to appeal to those who may be time-zone sensitive but are looking to tap into other global financial centres through the bank’s global network.
Article posted on 17th November, 2008 - 2.30pm
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