Deutsche Bank today announced that Daniel Feehan has joined its Trust & Securities Services business, part of the Global Transaction Banking division, to expand the Bank’s product offering for like-kind exchanges.
Under IRS Code 1031, corporations and individuals are able to defer recognition of capital gains liabilities which result from the sale of real estate, personal property or other assets, when the proceeds of the sale are used to acquire a replacement “like-kind” asset. The like-kind exchange process requires the participation of a Qualified Intermediary and an escrow agent.
Deutsche Bank currently provides escrow services in this market and has previously worked with a number of Qualified Intermediaries. It will now also provide Qualified Intermediary services in-house, offering clients a streamlined exchange process and the added security of having their funds held on deposit by a bank with AA/Aa1 credit ratings*.
Daniel Feehan, based in the Bank’s Boston office, will assume responsibility for developing Deutsche Bank’s Qualified Intermediary business and for expanding its overall like-kind exchange product offering. Dan was previously a Senior Vice President at Chicago Deferred Exchange Corporation and before that was with J.P. Morgan Property Exchange, Inc. where he worked with the company’s real estate and corporate like-kind exchange clients.
“Dan Feehan is a great addition to the team and will spearhead the further development of our one stop shop for REITs and other participants in the real estate markets,” said Kevin Plein, Business Head for Global Debt Services Americas. “This appointment is particularly timely given that clients have expressed a desire to have their funds invested safely and securely while on deposit with a Qualified Intermediary. We believe our experience combined with the financial strength of Deutsche Bank will differentiate us in the marketplace."
For further information, please call:
John T. Gallagher
Press and Media Relations
Deutsche Bank <NYSE: DB> is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 75,140 employees in 75 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank Securities Inc., member NYSE, FINRA and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.
Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of debt financings including bonds, medium term note and commercial paper programs, asset backed and mortgage backed securities, collateralized debt obligations, project financings, escrows and syndicated loans. It is also one of the leading depositaries for American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in 28 securities markets.
*Long Term Ratings of Deutsche Bank AG by Standard & Poors/Moody’s
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