Deutsche Bank Global Securities Services has landed a DEM1.9bn custody mandate from the Munich-based Wacker-Chemie Pensionskasse.
The move follows the departure of former custodian Credit Suisse from the institutional depository business in Germany.
Portfolio manager and board member for the German chemical company fund, Klaus Kirschenhofer said that Deutsche’s capacity in Germany’s financial market was a key consideration in the appointment.
He added that Deutsche will provide a range of services including custody, trade settlement, interest and tax collection, and securities lending.
The brief does not include property or mortgages.
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