The top salesman at Europe’s second-largest custodian bank has defected to a smaller rival to bolster its presence in Luxembourg, at a time when the country is enjoying huge inflows from outside of Europe to the Ucits funds held there.

Sebastien Danloy, who led global sales and relationship management for French custodian Société Générale Securities Services, which has €3.6 trillion in client assets under custody, has left to join rival RBC Dexia Investor Services to lead its business in Luxembourg, the company announced today.