Global custodians got excited when Deutsche and Dresdner Bank in Germany announced a merger on March 7. Why? Because the deal included selling two Deutsche units – asset manager DWS and life-insurer Deutsche Herold – to Allianz insurance.
The lion’s share of those two units’ custody business could no longer be assumed to go to Deutsche Bank. “Suddenly, bidding for that business went to the top of the priority list,” recalls one global custodian.
Jürgen Marziniak, recently hired to return to Deutsche as head of global securities services was also salivating: “The merger would have put us surely in a better position,” he says.
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