Deutsche Bank Launches Enhanced Full Custody Service in Guernsey
10 November 2008
Contact: Sari Cuming, Marketing Manager, firstname.lastname@example.org
Source:Deutsche Bank International Limited
Deutsche Bank has been granted a licence to offer an enhanced, full range of custody services in Guernsey, as it looks to consolidate its position as a leading custodian in the European time zone.
The full Custody Licence was granted to Deutsche Bank by the Guernsey Financial Services Commission this September, allowing it to provide a complete range of custody services from Guernsey and 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 as custodian for assets valued at more than EUR12 billion.
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. With the Island's funds sector continuing to grow, the Bank has reported increasing demand for custody services for the open ended funds market. The latest figures, as at June 2008, show that the total value of funds under management and administration in the Island stood at £207 billion - a year on year increase of 33%.
Due to the global nature of Deutsche Bank's business, the new custody 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. Through the custody service, clients are also able to access the Bank's range of complementary financial solutions, including banking, foreign exchange, hedging and credit services.
In addition, the new service will be an attractive option for certain institutions and individuals whose preference it is to work solely with a custodian based in Guernsey, taking advantage of the Island's highly regarded regulatory framework, first class service infrastructure and reputation as an entrepreneurial jurisdiction.
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