BNP Paribas Securities Services (BNP2S) has appointed Patrick Colle as Chief Executive Officer. The appointment comes five months after Jacques-Philippe Marson, president and former CEO of BNP2S stepped down following an alleged but unspecified breach of internal rules.
Colle joined BNP2S in 2006 as head of the global clearing, settlement and custody business, and has been head of BNP2S UK business since March 2008.
James McAleenan, currently Chief Operating Officer, BNP2S UK, will replace Colle as head of the UK business.
Marson had previously been CEO for ten years, becoming one of the most high profile figures in European securities services industry. The delay of five months before Colle’s promotion perhaps signifies the difficulties Marson’s sudden departure inflicted on the French custody giant.
Marson was replaced in the interim period by the Chairman of BNP2S, Jacques dEstais, the former global head of corporate and investment banking at BNP Paribas who in 2009 assumed leadership of the asset management and services division of the bank that encompasses BNP2S as well as private banking, real estate and asset management.
Despite the five month gap, d’Estais oversaw some high profile announcements. BNP2S recently signed an agreement for the purchase of Banca Popolare di Milanos (BPM) depository banking business for 55 million. Cometa Pension Fund, the largest Italian pension fund with 5 billion of assets, appointed BNP2S as its depository bank in March, and the securities services arm will launch local custody services in India by June 2010.
Colle has over 24 years of experience in the securities services industry. Prior to BNP Paribas he was at JPMorgan Chase, which he joined in 1986 and where he held several positions in cash management, securities clearing and custody in Paris and New York before becoming global head of ADRs in London in 2001.
Commenting on Colle’s promotion, dEstais said: I am delighted to announce Patricks appointment. I am confident that his in-depth knowledge of the business and international experience will ensure further expansion of our successful strategy.
Colle said: I am excited to be heading up BNP Paribas Securities Services as we rise to the challenges of an ever-changing world. Our ambition, scale, expertise and vision will be the key to our clients success and our continued expansion. I look forward to sharing the future with our teams and clients across the globe.
dEstais will remain Chairman of BNP Paribas Securities Services.