Key Hire For Cognotec As Albert Maasland Leaves Deutsche Bank

LONDON--Cognotec, the FX trading software vendor company, today (Monday) is to announce that it has recruited Albert Maasland as global head of marketing.

The hire is a coup for Cognotec in snaring Maasland away from Deutsche Bank. As global head of marketing, he has been a driving force in the recent transformation of Deutsche into a worldwide investment bank.

The parting, says Maasland, has been amicable -- Deutsche Bank was told well ahead of time -- and he will continue at the bank until the end of March before starting at Cognotec in early April. Maasland will also be joining the main board of the company.

Maasland, 40, is a well known figure in the international financial markets having held senior positions at Chase and HSBC before Deutsche Bank.

Maasland, a Canadian, began his career in software marketing in Paris in the 1980s. Chase in Europe recruited him in 1984 to spearhead the introduction of electronic banking services for major multination al corporations.

Over the next few years he held a range of product management, sales and marketing roles in various securities and transaction service businesses.

In 1990, he was asked to take over the sales and marketing of Chase’s FX business in Europe. Between 1990 and 1994, Chase in creased its foreign exchange market share and profitability while the bank improved its industry ranking from 14th to second position in the annual Euromoney FX poll.

He then moved to HSBC as head of marketing for treasury and capital markets. He joined Deutsche Bank in 1995 as European head of foreign exchange sales and trading, at a time when Deutsche was beginning its major expansion into investment banking.

During his tenure, Deutsche rose from 23rd to the number two FX bank globally and one of the leading FX banks in Europe.

Subsequent promotions put him in charge of marketing for Deutsche’s global markets activities and then of all marketing activities at Deutsche Bank’s investment bank worldwide, reporting to Josef Ackermann, Vorstand member and head of the investment bank.

Last year, Deutsche Bank’s in vestment banking arm accounted for over 60 per cent of worldwide profits.

Brian Maccaba, chairman of Cognotec said: "The recent merger announcement of Deutsche Bank and Dresdner anticipates the major opportunities for restructuring and new modes of service delivery, which the e-commerce revolution brings to the banking industry worldwide.

"We are delighted that Albert Maasland, a veteran of some of the world’s leading banking franchises, should choose to join Cognotec at such a significant time. His experience in the banking markets and proven marketing skills will assist us as Cognotec leverages its first mover advantage as the leading provider of web enabling FX technology to the financial services industry."

Maasland says: "I am excited at the opportunity to join Cognotec at this moment in time. Cognotec combines all the elements required to succeed in the burgeoning bank to bank e-commerce environment: first-mover advantage, a vast market opportunity, a blue chip client franchise, an established brand, scaleable proven technology, an impressive management team and two of the leading financial backers in Warburg Pincus and Softbank.

"I look forward to being an integral part of the company’s success in the future."

Some 50 banks have bought its flagship product AutoDeal Lite since its launch in 1999.