Clearstream continues raid on Bank of New York

Clearstream, the custody and settlement arm of Deutsche Börse Group, has raided Bank of New York for the third time this year with the appointment of Phillipe Seyll as its new head of investment fund services.

Seyll's appointment follows those of Phillip Brown and Tom Zeeb, both senior sales executives, from Bank of New York earlier in the year.

These moves have come in the wake of the Clearstream's appointment of Bank of New York's former vice-president of securities, Jeffrey Tessler, as chief executive in September last year. Tessler's move came after a 25-year career at Bank of New York.

Previously, Seyll was head of investment managers at Bank of New York, and his role at Clearstream will be to manage the company's suite of investment fund services, including its highly regarded Vestima order-routing system.

The company said it was important to hire someone who not only had experience of the funds business, but who could also promote the services Clearstream offers.

Seyll has sat on the board of the European Fund Managers Association and prior to joining Bank of New York in 1997 he was head of sales and marketing at Banque Indosuez Luxembourg.