Deutsche Bank has made a senior level hire for its domestic custody services business, bringing on board Nico Torchetti to head up clearing for Asia-Pacific.

In what is a new role, Torchetti is responsible for securities clearing across the region. He was previously at Fortis Clearing Japan, based in Tokyo. At Deutsche Bank, he reports to Thibaud de Maintenant, regional head of domestic custody services.

"This is a new position to provide clearing services for Asia products. It will focus on two markets initially, Hong Kong and Singapore as both these markets allow third-party clearing,ö says Maintenant.

ôThis means that the stock exchange members can appoint a clearer like Deutsche Bank to settle trades and interface on the settlement side. We will also be providing back office services to international brokers who prefer not to set up local operations and who want to outsource these services," he adds.

Based in Hong Kong, Torchetti brings 15 years of extensive experience in securities and derivatives, particularly clearing, execution, broker operations, prime brokerage, and client and project management, the bank says.

Deutsche BankÆs clearing products include third-party clearing, settlement agent and broker back-office infrastructure administration and outsourcing.

Maintenant indicates the bank will further expand its domestic custody services team in Asia-Pacific and has plans to add several clearing specialist staff over the next six months.

Deutsche BankÆs global transaction banking business employs over 3,800 professionals in more than 35 countries. It provides an array of services to clients, including domestic and cross-border payments, professional risk mitigation for international trade, asset and liability management and the provision of trust, agency, depositary, custody and related services.