State Street appoints BNY securities finance head for custody role

State Street has appointed Adam Sporn to its North American based enhanced custody business development team.

In this role, Sporn will be responsible for new opportunities, cultivating existing relationships and serving as a product expert in industry affairs.

A State Street spokesperson confirmed that Sporn took up his role in late March and reports to Jim Bryant, senior managing director at State Street’s enhanced custody team.

Sporn joins the US custodian from BNY Mellon where he was managing director and head of business development for the bank’s principal securities finance program.

In this position he was responsible for client-facing activities focusing on hedge funds and liquid alternatives.

Before joining BNY Mellon, Sporn spent 11 years in the securities lending division at Morgan Stanley.

During his time at Morgan Stanley, Sporn was responsible for building out incremental supply for its prime brokerage clients through exclusives and enhancement swaps.

Sporn’s appointment is the latest for State Street following two hires to its asset owner unit last week.

Hermant Bhide was named head of the US asset owner business while Bruce Shain joins as a client service manager within the same division.