Deutsche Bank has streamlined its custody and related businesses with management changes. The business, formerly known as Domestic Custody Services in the global transaction banking (GTB) division, has been renamed as Direct Securities Services (DSS).

According to the Deutsche Bank, the DSS business will be comprised of the existing custody services, securities clearing, domestic fund services and agency securities lending units.

In conjunction with the changes, Deutsche Bank has made new staff appointments in DSS.

Rob Scott and Michael Aschauer will become co-heads of global sales & relationship management, with a remit to further strengthen the business’s focus on meeting increasingly complex client needs.

In particular Mr Scott and Mr Aschauer will ensure clients have a single point of access to all products across all regions, and that domestic fund services and agency securities lending are fully integrated into the product offering to clients.

Thibaud de Maintenant will become global head of domestic markets, unifying responsibility for all regions and domestic markets to further develop its people, products and services in local markets. He will also continue to improve the consistency of service delivery for clients across all markets and ensure the implementation of best practices globally. He will retain responsibility for domestic fund services globally.

Stephen Lomas will become global head of custody & clearing. In this role he will focus on ensuring the business delivers a robust product offering across all markets. A key priority will be preparation for the implementation of Target 2 Securities in Europe and the continued expansion of bank’s presence in emerging markets.

In addition, Mr Lomas will continue to lead the group’s important market advocacy and industry forum activities and will work with key customers to ensure that their feedback is central to new product developments.

Tim Smollen continues in his role as global head of agency securities lending, bringing existing and new clients into the group’s lending program and focusing on further developing the service in evolving domestic securities markets.

Dinkar Jetley, global head of trust & securities services/cash management financial institutions within GTB, said: “The DSS business offers a powerful combination of products to a diverse client base. We intend to significantly grow our business by taking full advantage of this unique platform, strong network and extensive product expertise with a client-centric approach to the market.”

Roger Harrold, global head of DSS, said: “This new streamlined structure demonstrates our determination to keep the needs of our clients at the heart of our business and ensure we develop our product around the complex challenges they face in an increasingly regulated and constantly evolving market.”