David Penstone has moved to Zurich-based ISP Group as head of securities services sales.
AST understands that the group has ambitions to develop its custody and direct market access solutions and that Penstone will play a key role in driving its growth.
He will report to Martin Nadel, ISP Group’s head of custody and clearing, who is another Deutsche Bank alumnus.
Formed in 1993, privately-owned ISP Group specialises in fixed income, structured credit and other structured products, providing payment agent, wealth management, money management and custody services.
With more than 30 years’ experience in custody and securities services, Penstone worked at Creditanstalt Bankverein in Vienna and at JPMorgan and The Bank of New York in Brussels, before returning to his native Canada in 2000 to become director of custody at Royal Trust and Royal Bank of Canada.
A fluent German speaker, he returned to Austria in 2004 to become global head of sales and business development at Bank Austria Creditanstalt (BA-CA), reporting to Michael Aschauer, and later continued in the global sales head role at Unicredit after its BA-CA acquisition.
From 2009, Penstone was director of strategic sales for Central and Eastern Europe at Deutsche Bank, based in Vienna, remaining with the Frankfurt-based organisation until March 2020.
Martin Nadel joined ISP Group in December 2020 with a mission to deliver an in-house banking infrastructure to an international audience and to tailor it to the specific requirements of finance boutiques.
Previously, he was global head of market infrastructure and post-trade products at Danske Bank and executive director in securities services in Deutsche Bank’s Global Transaction Bank.
In earlier days, Nadel was part of the team that formed European Multilateral Clearing Facility (EMCF), Europe’s first pan-European central counterparty, which is now EuroCCP.
