BNP Paribas Securities Services has shuffled its management team, five months after Patrick Colle replaced Jacques-Philippe Marson as CEO of BNP Paribas Securities Services (BNP2S).
The business has been split into four global business lines; asset and fund services; clearing and custody services; corporate trust services; and market and financing services.
Six client segment heads and eight regional managers have also been created.
For Colle, the main driver for the BNP2S reorganization is the desire to be global. BNP Paribas, originating in France, spreading into Europe, to the U.S (most notably with the purchase of Bank of Americas prime brokerage business in 2008) and more recently into Asia, now aims to compete on a truly international scale.
Each new business line will now have a global p&l and managed in a global structure, says Colle. We are therefore organised like the biggest players in our space.
We have always been strong in local markets. We want to keep this entrepreneurship, autonomy and local expertise. We feel it is important to move from truly local to being regional in terms of how we look at the business and client relationships. I wanted to make sure that by having these regions we maintain the proximity to our clients. But at the same time we take a regional view that no country in the world is left uncovered, he says.
Colle sees Asia as a major priority for the new-look BNP2S. In June BNP2S opened an office in Beijing, following openings in Singapore, Hong Kong and India over the last two years, and although all promotions have been internal, Lawrence Au recently joined from Northern Trust to head the new Asia Pacific business line.
The other major change involves departments, rather than people. Both the securities services arm and the investment bank previously managed BNP Paribas fund of hedge fund administration unit. Now, BNP2S has sole control of the business.
We used to perform the administration service as a joint venture with our investment bank, explains Colle. We have now taken over the entire business of administration and loan-to-value financing so that we can provide the full package of servicing to fund of hedge funds, where you cannot truly decouple administration from financing. We are really offering a one-stop-shop for fund of hedge funds.
Colle admits moving from a strong if segmented regional player into a truly global securities services business will be a significant challenge, but prefers to see the move as equipping BNP2S for the next step, rather than fixing what may have been broken.
Breakdown of restructuring:
The six client segment heads and eight regional managers are under the management of Charles Cock, who reports to Colle.
Global business lines:Asset and fund services, headed by Philippe RicardClearing and custody services, headed by Alain PochetCorporate trust services, headed by Alain PochetMarket and financing services, headed by Florence Bonnevay
Client segmentsAlternative investment managers, headed by Maria CantillonAsset managers, headed by Margaret Harwood-JonesAsset owners, headed by Dietmar RoesslerBanks, headed by Nadia DiegoBroker-dealers and investment banks, headed by Alan CameronCorporates and issuers, headed by Pascal Pommier
RegionsAsia Pacific, headed by Lawrence AuFrance and Belgium, headed by Jean-Marc PasquetGermany, Northern Europe and CEE, headed by Gerald NoltschItaly, Switzerland and Mediterranean Basin, headed by Alessandro GioffredaLuxembourg, Dublin and other fund domiciles, headed by Frdric PerardNorth America, headed by Christina FeichtSpain, Portugal and Latin America, headed by Alvaro CamunasUnited Kingdom, Middle East and South Africa, headed by James McAleenan
Giles TurnerNews Editor
Related News: Patrick Colle succeeds Marson as head of BP2S