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PEOPLE ON THE MOVE
˜ ˜ State Street has appointed GC Legend
and long-serving BNY Mellon executive
Nadine Chakar as head of its global
markets business. Chakar, who will join the
firm at the end of March, brings more than
three decades of global wealth and asset
management experience.
˜ ˜ The chief executive of BNY Mellon’s
Alternative Investment Services (AIS)
division, Chandresh Iyer, has left the bank.
Iyer served as CEO of AIS and structured
products from May 2017, and prior to that,
was global head of middle-office solutions
for over two years.
˜ ˜ Financial markets technology pioneer
Blythe Masters stepped down as CEO of
Digital Asset for personal reasons. Accord-
ing to an internal memo, Masters told her
team “working as part of the DA family
means the world to me, but I also work
for my family’s future and I need to focus
on this for a while.” She has been replaced
by Yuval Rooz, who helped set up the
company in 2014.
˜ ˜ BNY Mellon’s chief executive officer of
NEWS ROUND-UP
˜ ˜ BNP Paribas Securities Services has
appointed a new head of Asia-Pacific, while
also promoting the current head to take on a
senior strategy role at the business. Mostapha
Tahiri will succeed Philippe Benoit as head of
Asia-Pacific, as Benoit relocates to Paris to be-
come head of strategic business development
and transformation.
˜ ˜ Northern Trust’s Justin Chapman has taken
on a new global executive role for its securities
services business, following an organisational
change within its asset servicing leadership.
Chapman will oversee the product range for
securities services, in addition to his current
role as global head of market advocacy and
innovation research.
˜ ˜ Citi has announced a new leadership for its
markets and securities services business in
China, as the bank looks to capitalise on the
liberalisation of the market. Vicky Tsai has
been named head of securities services for
China, while Ji Yang has been appointed head
of markets and securities services.
˜ ˜ State Street has promoted its head of
their markets unit is set to take up a new
role as head of US fixed income, currencies
and commodities (FICC) at Royal Bank of
Canada. In a major coup for the Canadian
bank, highly regarded market structure
expert Michelle Neal will join in New York
after three and a half years at BNY Mellon. global services for Asia-Pacific to lead the
bank’s overall business in the region. Ian
Martin, a 25-year State Street Veteran, will
continue his current responsibilities of leading
State Street’s global services business in
APAC, which includes the bank’s core custody,
accounting and fund administration services to
asset owners and managers.
˜ ˜ HSBC Securities Services (HSS) has ˜ ˜ DTCC’s vice chairman Larry Thompson will
reshuffled parts of its leadership team.
Industry veteran Carl Andrews will become
regional head of Europe having previously
led both HSS in the UK and the global HSS
change function, while Rafael Moral will
become global head of strategic business
development and planning with responsi-
bility for the development and execution of
the custodian’s business strategy.
8
Global Custodian
Spring 2019
retire at the end of the year after serving more
than three decades with the market infrastruc-
ture firm. Thompson, who has held a variety of
senior-level roles including general counsel, has
played a number of key roles while at DTCC, in-
cluding acting as the chief liaison with the New
York City Office of Emergency Management
following the 9/11 terrorist attack, and helped
manage the fallout of the 2008 financial crisis.
˜ ˜ Apex Group has selected Citi to provide
custody services to its global client base.
Apex has grown exponentially in recent years
through a handful of acquisitions, bringing
its total assets under administration to $560
billion.
˜ ˜ State Street has said it will reduce its
senior management by 15% in 2019, along
with 1,500 employees as part of a new
expense program. State Street said the loses
would occur in “high cost locations as the it
realises benefits of “automation and stand-
ardised global processes”.
˜ ˜ Swiss tech vendor Temenos has con-
firmed a new collaboration with Bloomberg
to offer its fund administration product to
its buy-side users. The Temenos Multifonds
Global Accounting product will be made
accessible to buy-side institutions via the
Bloomberg Terminal.
˜ ˜ The global securities finance industry
generated nearly $10 billion in revenue from
lenders in 2018, according to market data
provider DataLend. The year was also a
record recent years in terms of revenue gen-
erated for beneficial owners, such as asset
managers, insurance companies, pension
funds and other institutional investors,
DataLend stated.
˜ ˜ French asset servicer CACEIS has agreed
to acquire Dutch custodian KAS Bank for
€188 million, enabling it to expand its servic-
es to local pension funds and insurance com-
panies. The acquisition will increase CACEIS’
assets under custody and administration to
€4.7 trillion, as it expands its market cover-
age in Germany, Netherlands and the UK.
˜ ˜ SWIFT has announced a proof-of-concept
(PoC) on e-Voting, using distributed ledger
technology (DLT) in collaboration with mul-
tiple custodians, including Deutsche Bank,