Deutsche Bank has launched the first convertible bond collateralised entirely against the equity of a family fortune. The Sfr767m (€497m) bond is convertible into 10 million shares of Swiss recruitment firm, Adecco, and backed by the Sfr1.9bn family holding of its chairman and chief executive, Klaus Jacobs.

Jacobs is using the fundraising to purchase the 12 million Adecco shares owned by his co-founder and largest shareholder, Philippe Foreil-Destezet who has decided to leave. The family is expected the buy a further 20 million of his shares.