eSecLending, the independent securities lending agent, has hired Oberon S. Knapp as senior vice president for business development in the firms Boston office.
Knapp is one of the State Street securities lending staff who left the firm to join Premier Global Securities Lending, the third-party agent lender. State Street later sued PGSL, along with its founder Craig Starble and other executives, all former State Street securities lending staff, accusing them of poaching employees to launch the competing firm. In all, Starble who previously was head of State Streets securities lending business recruited nine of his former State Street employees to PGSL.
The lawsuit was settled in April, not long after PGSL shuttered its doors after just two years in business. It is believed the firm was unable to attract any business given the negative publicity surrounding the lawsuit.
Since then, PGSL executives have been popping up in other securities lending businesses. Paul Lynch also joined eSecLending as COO, while Michael P. McAuley joined BNY Mellon.
Knapp was senior managing director at PGSL and, previously, managing director and co-head of global account management in State Streets Securities Finance division. Prior to State Street, Knapp held various positions at Deutsche Asset Management and FleetBoston.
“We are pleased to welcome Oberon to eSecLending,” says Chris Jaynes, co-CEO of eSecLending. “Given his significant experience in developing and nurturing strong and sophisticated client relationships, we are looking forward to leveraging his knowledge and perspective to further grow our business. We are confident that he will play a key role in the company’s continued success.”
Knapp adds: “I am excited to be joining eSecLending. Their differentiated process presents a strong advantage in today’s environment, particularly in recognition of how beneficial owner views have evolved. I look forward to utilizing my skills and experience to help refine and promote solution driven offerings to eSecLending’s target market.”
(CG)