EFTA01406428.pdf

Subject: RE: Family Office Initiative - Follow Up [I] [SC] [C] From: Davide-A Sferrazza < =MI> Date: Thu, 25 Oct 2018 19:29:39 -0400 To: Nina Tona Victoria Bruce < Tanushree Kirti Cc: Max Kleinert Ian Salters Classification: Confidential Hi all, Please see tab "KCP US" of the attached for comments/changes. Any existing names on the list that were not reflected in the "Combined" tab are highlighted in yellow, as are any new additions to the list (noted as such, at the bottom of the list). There is one account (Elysium Limited) marked for removal, as it is the wrong client (different Elysium). Please do not hesitate to reach out with any questions at all. Thank you. Regards, Davide {cid:[email protected]} Davide Sferrazza Analyst I Key Client Partners Deutsche Bank Securities, Inc. Deutsche Bank Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Mobile Email EFTA01406428 From: Nina Tona Sent: Thursday, October 25, 2018 2:09 PM To: Victoria Bruce ; Tanushree Kirti Cc: Max Kleinert ; Ian Salters a; Davide-A Sferrazza Subject: RE: Family Office Initiative - Follow Up [I] [SC] Adding Davide. fhttps://brandportal.intranet.db.com/img/modules/- DAWM_logo_metallic 46x46.gifl Nina Tona Associate Business Control Manager, Key Client Partners — Americas Deutsche Bank Wealth Management Tel. Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DBSI or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and EFTA01406429 related matters discussed herein are provided for discussion purposes only, and strictly on a non-advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DBSI or any of its affiliates. From: Nina Tona Sent: Thursday, October 25, 2018 1:56 PM To: Victoria Bruce < ; Tanushree Kirti Cc: Max Kleinert ; Ian Salters <a> Subject: RE: Family Office Initiative - Follow Up [I] [SC] Hi Davide — once you have finalized, please send to Tanu. Ian — please provide your approval. This is for the list on clients Tanu will provide to Aziz to get approval to change from red to green so we don't have any trading issues. Thank you, both! fhttps://brandportal.intranet.db.com/img/modules/- DAWM_logo_metallic 46x46.gifl Nina Tona Associate Business Control Manager, Key Client Partners — Americas Deutsche Bank Wealth Management EFTA01406430 Tel. Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DBSI or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on a non-advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DBSI or any of its affiliates. From: Victoria Bruce Sent: Thursday, October 25, 2018 4:55 AM To: Tanushree Kirti Cc: Nina Tona ; Max Kleinert ‹ > Subject: RE: Family Office Initiative - Follow Up [I] [SC] Classification: Strictly Confidential Hi Tanu EFTA01406431 Hopefully you now have the input from Nina. I met Paul Maley last week and he suggested that if we send the name of our ACO, the status of our KYC And the CRDS LE reference to Aziz Anwar, he would be able to change the red to green in GM systems. I'm not sure if it is this simple but we really need the changes to be made asap. Max will reach out to you as we have a meeting with GM in the next week or two and I want to make sure they have all the necessary information from our side. Thanks, Vicky {https://brandportal.intranet.db.com/img/modules/logo.gif} Vicky Bruce Managing Director I Global COO KCP and CFP Wealth Management 70 Victoria Street, SW1E 6SQ London, United Kingdom Tel. Mob: Email: From: Tanushree Kirti Sent: 11 October 2018 08:43 To: Victoria Bruce Subject: FW: Family Office Initiative - Follow Up [I] [SC] Classification: Strictly Confidential EFTA01406432 FYI — as background to yesterday's conversation, attached is the list of clients shared with lain Macara and team for the exceptional approval to ensure 'Green' status in downstream trading systems. I have chased KCP US regarding their action. Nina Tona said she will provide Xavier Avila's approval from KCP US cases that are Red in GM but can be turned Green globally in CIB with WM ACO approval. Best, Tanu fcid:[email protected] Tanu Kirti Director WM Mercury Implementation Programme Manager Tel. Mobile Email "WM Mercury on myDB" From: Tanushree Kirti Sent: 17 September 2018 15:15 To: lain Macara < ; Clifford Fourie Cc: Oliver Bettin ; Christopher Whyton Katherine Stead Kleinert ; Victoria Bruce Subject: RE: Family Office Initiative - Follow Up [I] [SC] Classification: Strictly Confidential This is the current list with the actions we have been working with post discussions with Aziz's team. EFTA01406433 Best, Tanu fcid:[email protected] Tanu Kirti Director WM Mercury Implementation Programme Manager Tel. Mobile Email "WM Mercury on myDB" From: lain Macara Sent: 17 September 2018 14:55 To: Tanushree Kirti Clifford Fourie Cc: Oliver Bettin ; Christopher Wh ton ; Katherine Stead ; Max Kleinert ; Victoria Bruce Subject: RE: Family Office Initiative - Follow Up [I] OK — maybe I'm mistaken but the only list I remember seeing was a mix of various hierarchies etc so we'd need CRDS IDs/legal names before this goes to our management. Apologies if we already have this. From: Tanushree Kirti Sent: 17 September 2018 14:41 To: lain Macara < ; Clifford Fourie EFTA01406434 Cc: Oliver Bettin ; Christopher Wh ton ; Katherine Stead ; Max Kleinert ; Victoria Bruce Subject: RE: Family Office Initiative - Follow Up [I] Classification: For internal use only Iain, The list remains the same as we shared with you. As discussed, we agreed to take it back to Aziz and team to confirm how we could globally turn the Red and Ambers to Green with the relevant WM ACOs approval. That piece of activity is complete for WM EMEA but pending for WM US due to competing remediation activity being done by WM to support CIB remediation for June 52k offboards. I will share the final one with you as soon as the WM US KCP actions with Aziz's team is complete. Best, Tanu {cid:[email protected]} Tanu Kirti Director WM Mercury Implementation Programme Manager Tel. Mobile Email "WM Mercury on myDB" EFTA01406435 From: lain Macara Sent: 17 September 2018 14:12 To: Tanushree Kirti ; Clifford Fourie Cc: Oliver Bettin ; Christopher Whyton ; Katherine Stead ; Max Kleinert ; Victoria Bruce Subject: RE: Family Office Initiative - Follow Up [I] Hi all, Just to add there was the additional step of Stefan/Louise approval we discussed for clients that WM wanted ICG to provide support for. These clients won't be green in ICG by virtue of having WM ACOs only so we need to get Stefan/Louise comfortable if WM are looking for ICG to provide any sort of coverage on WM's behalf. Otherwise of course we'll end up with multiple unexplained red list breaches etc. Tanushree — do we have a comprehensive list of clients yet that are red for ICG but for which WM will need ICG support? Thanks From: Tanushree Kirti Sent: 17 September 2018 13:55 To: Clifford Fourie Cc: Oliver Bettin >; Christopher Whyton ; Katherine Stead ; Max Kleinert ; lain Macara ; Victoria Bruce Subject: RE: Family Office Initiative - Follow Up [I] EFTA01406436 Classification: For internal use only Hi Clifford, The WM list of clients that require ICG coverage was discussed with lain Macara and team and it was agreed that WM will review the red and amber clients to ensure they were centrally in CIB turned to green before acceptance by Iain's team. We have been working with the CIB central client selection team to turn those cases to green as they require different set of approvals. In the meantime, we have a new KCP COO in WM — Victoria Bruce (cc'd), who will address the longer term solution of getting direct access for KCP clients. Best, Tanu fcid:[email protected] Tanu Kirti Director WM Mercury Implementation Programme Manager Tel. Mobile Email "WM Mercury on myDB" From: Clifford Fourie Sent: 17 September 2018 13:49 To: Tanushree Kirti Cc: Oliver Bettin ; Chriettoher Wh ton Katherine Stead ; Max EFTA01406437 Kleinert ; Aamir Akram < >; lain Macara Subject: RE: Family Office Initiative - Follow Up [I] Classification: For internal use only Hi Tanushree, In case I have missed anything, have there been any developments on this Family Office Initiative? Thanks and regards, Cliff From: Tanushree Kirti Sent: 20 July 2018 11:03 To: lain Macara ; Katherine Stead ; Aamir Akram <a; Max Kleinert Cc: Clifford Fourie ; Oliver Bettin >; Christopher Whyton cza> Subject: RE: Family Office Initiative - Follow Up [I] Classification: For internal use only Hi Iain, Yes, we are currently working with our KCP teams to pull together the list of WM clients where we are dependent on ICG to place orders. This list as agreed with you will be taken within CIB management to get approval for ICG to take orders even if the GM status is red in tradefinder. EFTA01406438 We will get back to you with the list as soon as we have the reviewed data. Best, Tanu fcid:[email protected] Tanu Kirti Director WM Mercury Implementation Programme Manager Tel. Mobile Email "WM Mercury on myDB" From: lain Macara Sent: 19 July 2018 11:13 To: Katherine Stead Aamir Akram ; Max Kleinert Cc: Clifford Fourie Oliver Bettin Tanushree Kirti - Christopher Whyton Subject: RE: Family Office Initiative - Follow Up [I] Hi Katherine — thanks for including me. There's been a lot a dialogue with Wealth on the ACO subject this last week or 2 with Tanushree on point for Wealth (cc'ed). The approach we agreed with regard to WM clients needing GM product coverage is summarised below: EFTA01406439  Wealth will define a client perimeter with the central Mercury programme and assign ACOs to all those clients (including KCP) If ICG has it's own relationship with the client as well, then ICG will also have an ACO and the client would be green in the ICG perimeter If ICG does not have it's own relationship with the client, then the client would remain red in ICG - (importantly this does not mean the GM infrastructure will be closed as of course the GM business relationship remains green at the DB level by virtue of having an eligible ACO allocated) Where ICG input is required on client that are red in ICG, we are looking to Stefan/Louise approve that: i. ICG people are allowed to take orders from Wealth people; and ii. we will continue to have no ACO for the client and therefore Wealth will own the KYC entirely Believe Tanushree and team are working on the list? (To facilitate Katherine, we'd look to deploy a new flag in TF etc telling our guys they won't get dinged on these clients) Shout with qs thanks From: Katherine Stead Sent: 19 July 2018 10:37 To: Aamir Akram < ; Max Kleinert Cc: Clifford Fourie ; Oliver Bettin >; lain Macara Subject: Family Office Initiative - Follow Up [I] Classification: For internal use only EFTA01406440 Further to our call this morning, the following thoughts come to mind where we have a FO's being covered exclusively by KCP employees who are accessing GM systems: Who will be ACO for these clients (for co-covered clients we have a GM ACO, but this will not be the case for these clients) Does this initiative undermine the co-covered model which has been operating up until this point. How will KCP booked trades be identified? What S&A checks will be performed by KCP? Where will they be documented? Who in compliance will review? (markets or KCP) What will be the ongoing monitoring of trades executed by KCP? Do the KCP folks need to be subject to certain of the Markets supervisory controls? Do the KCP folks need to receive the same training (Compliance/- Business) as Markets people More fundamentally, I think the SLA needs to be reviewed and consider re- executing under the new management structure. Specifically Yanni Pipilis and Stefan Hoops need to be party to the agreement. Furthermore, if Yanni stated to Todd that KCP need to own the product (as opposed to client) appropriateness, then this is a fundamental change in what is currently drafted in the SLA. I have cc'ed lain who runs Mercury for Markets and can comment on the ACO situation. Also cc Cliff who is the BM for our WIS desk who is familiar with the existing status quo and will be the point person for ICG. Thanks. Kind Regards, Katherine EFTA01406441 Katherine Stead Director Global Head, ITC BCU Tel: EFTA01406442