Sandie OConnor has been promoted to head of prime brokerage at J.P. Morgan after veteran Richard Berliand, the man responsible for integrating Bear Stearn’s prime brokerage unit into J.P. Morgan, retired after being with the firm since 1987.
Sandie O’Connor was previously managing director and business executive, financing & market products, Treasury & Securities Services. J.P. Morgan has now promoted two TSS executives in a matter of weeks. Heidi Miller, previously head of J.P. Morgans Treasury & Securities Services, has been shuffled to the new role of President of J.P. Morgan International.
O’Connor will continue to oversee J.P. Morgan’s Prime Custody group, launched in September 2009, and will focus on Europe, the Middle East and Africa, and Asian markets. Berliand will continue work with O’Connor in the short-term.
Berliand – almost an institution at J.P. Morgan – began at the bank 23 years ago in fixed income and exchange-traded derivatives, but had ascended to leadership of the global cash equities, fixed income prime brokerage and futures & options business by the time the Bear Stearns prime brokerage business fell into his lap in 2008.
Although Berliand leaves a strong prime brokerage unit (see 2010 Global Custodian Prime Brokerage Survey), J.P. Morgan’s executive team has seen considerable change over the past months. In September 2009, Bill Winters, co-chief executive of investment banking, was fired after calling bankers “inept” at a London-conference.
Michael Cavanagh, chief financial officer, has replaced Heidi Miller as CEO of TSS. Doug Braunstein, head of Investment Banking, Americas, has succeeded Cavanagh.
J.P. Morgan has also recently hired Brian Bisesi as managing director of its EMEA prime brokerage business.