Can you give us an insight into your personal journey into the asset services industry, why did you decide this was the career for you?
My journey in the financial services industry has been shaped by a combination of curiosity, opportunity provided by Deutsche Bank (DB), and amazing people I met on my way. I have spent majority of my career in this industry and over time I have released how critical custody and fund accounting are to the functioning of capital markets. While much of the work happens behind the scenes, it forms the foundation that enables investors, asset managers, and financial institutions to operate with confidence.
In my early years, I was fascinated by the scale of our business, from the sheer volumes we process, to the diversity of clients we serve. India’s financial services industry is constantly evolving through regulatory reforms, the emergence of new asset classes, and the growth of new investor segments. That dynamic environment meant there was always something new to learn. I have led several initiates in the bank to help new client segments like Public Sector Undertaking, Non-Banking Financial Companies (NBFCs) and help them understand role of custodian, and design solutions to meet their unique needs. This experience was extremely rewarding.
What kept me going is the client facing and business development aspect of my role. It helped me translate my learnings into meaningful client conversation and gave me an opportunity to understand their businesses and challenges and gave a holistic view of the industry.
Over the years, my role has also given me the opportunity to work with a wide range of client segments and collaborate with colleagues across products, operations, legal, compliance, and senior management teams. This combination of continuous learning, engagement with market, commercial thinking, business development, and relationship building is what continuously drives me at work every day.
What aspects of your job do you enjoy the most?
I like relationship building, problem solving, and inventing new ways to get client’s attention to DB. It is very rewarding to see a relationship develop over time from initial conversation, to building trust, solving client problems, and creating partnership that delivers long term value.
I also enjoy the learning that comes with working across custody, fund services and the broader Trust and Securities Services (TSS) ecosystem. It has given me a perspective on how different parts of the financial markets connect with one another.
Being fairly new to the industry, how do you find your experience compared to those who are more established? Are there pros and cons to each?
There is no doubt that people who have spent many years in the industry bring an invaluable depth of knowledge.
They have seen market cycles, regulatory changes, and industry transformations. Newer people cannot really know it the way they did but you always have to start at some point.
The best way to do this is to spend time on the ground to understand the fundamentals and connect with the right people. In my early years, I spent a lot of time understanding the basics, asking questions, and doing deep dives into operations, regulations, and market infrastructure to understand not just what we do, but why we do it. Relied heavily on resources available internally (DB’s Namaste India Guide is a big support till date) to improve my knowledge and spent time with colleagues who almost always were willing to share their experiences.
At the same time, I think there is a value in bringing a fresh perspective and questioning existing ways of doing things. New people bring new perspectives simply because they are not as attached to the traditional way. In a rapidly changing industry like ours, that curiosity is important. I believe the best outcomes come when those fresh perspectives are combined with the experience and wisdom of seasoned professionals. My advice to anyone who is starting new is to be curious. Spend time on the ground, understand how things work, volunteer for different projects, and build relationships with people across the business. The experiences may seem unrelated at the time, but over the years you begin to connect the dots and that makes you better at your job.
Have you noticed any misconceptions about the asset servicing industry? Is there anything in the industry you would like to see evolve or change?
One misconception about the asset servicing industry is that it is often viewed as a back office function. In reality, it plays a much bigger role in the financial ecosystem than many people realise. There is only a little formal education around what the industry does, especially when you are right out of university, despite its scale and importance. In practicality, custody and fund administration are at the heart of financial markets, helping ensure the safekeeping of assets, accurate fund accounting, and the delivery of data that ultimately supports investment decision making.
What excites me most about the future of the industry is the impact of AI. I genuinely believe it will be a game changer. AI has the potential to accelerate almost everything we do, from data processing and reporting to insights and client servicing. There is a significant opportunity for our industry to help clients adapt to these changes, and I believe asset servicers will be at the centre of that transformation. How quickly and effectively clients receive and use information will influence how intelligent, efficient, and connected financial markets become.
If there is one evolution I would like to see, it is the industry moving beyond being viewed solely as a service provider and increasingly being recognised as a strategic partner. Given the amount of data we handle and the insights we can help generate, we are uniquely positioned to support clients in making better and more informed decisions. I believe that the partnership roles will only become more important in the years ahead.
What is the training process of a new employee? Do you think it was beneficial to your role and others who may now be in the same position you were?
I was fortunate to be part of a very comprehensive graduate training programme at DB. One of the highlights was getting the opportunity to meet colleagues from across the world, some of whom I am still in touch with today. It gave me an early exposure into the global nature of our industry.
The way the programme was structured also gave me exposure to different functions across the business. Asset servicing is a highly knowledge-intensive industry that requires a deep understanding of markets, operations, processes and, most importantly, clients. Before moving into a client-facing role, I had the opportunity to work closely with client management and operations teams, which helped me understand the client lifecycle, their needs, and the challenges they face on a day-to-day basis. That experience was invaluable because it gave me the confidence and foundation needed for the role I am in today.
I would absolutely recommend young people joining the industry to take the time to learn the business from the ground up, ask questions, and build relationships across the organisation. The knowledge and network you develop during those early years will stay with you throughout your career and often become just as valuable as the technical skills you acquire along the way.
In terms of your career, where do you see yourself in a decade?
As I progress in my career, I hope to take on larger leadership responsibilities and gain greater international exposure. I am currently focused on deepening my understanding of India’s investment landscape and contributing to the growth of the institutional client segment, but I also want to play a role in sharing India’s growth story with global markets and contributing to the broader development of the region. I see myself in a multi-geography role, working across different markets and leading diverse teams. One of the most exciting aspects of our industry is the opportunity to learn from different regions, understand their unique market structures, and bring those insights together to create better outcomes for clients.
I want to be in a position where I can identify emerging trends, evaluate their impact, and help turn ideas into products, solutions, or initiatives that create positive change in capital markets. If there is one thing I hope defines my career in 10 years’ time, it is the ability to bring together markets, clients, technology, and people to deliver meaningful progress for the industry.
What advice would you give to young graduates when entering the financial services field?
My biggest advice would be to stay curious. Ask questions, understand the ‘why’ behind things, and never stop learning. Financial services is a vast industry, and the more curious you are, the more opportunities you will find to grow. I would also encourage graduates to build connections and get their hands dirty. There is no better way to learn than by doing. Take on different projects, volunteer for opportunities, and spend time with people who know more than you do. The knowledge and relationships you build in those early years will often shape your career far more than you realise at the time.
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Global Tax Recovery
Mark Friedman
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