What have been some of your standout achievements at BNP Paribas?
Looking back at what the Securities Services business of BNP Paribas has achieved in the last 20-30 years – becoming a top-five global custodian, the largest in Europe, with a footprint in Asia and North America – I’m very proud of that collective achievement.
I joined Securities Services a long time ago now. I started my career at Paribas in the Global Markets part of the business, and then Paribas acquired the JP Morgan local custody business in Europe. I was in Europe at that time and was impressed by the great work being done. I was equally impressed by the quality of the people and how they articulated strategies – so I was utterly charmed, I must say, by the Securities Services business.
Another thing that I’m particularly proud of is the number of people I have seen developing and enjoying great careers at BNP Paribas, and even outside of the organisation. It’s heart-warming to see that we have inspired, grown, and trained individuals who are doing exceptionally well. From a human and a manager’s standpoint, it’s uplifting.
In terms of geography, you’ve been based across various locations and worked in various markets throughout your career. How has it helped you in your roles during your time at BNP Paribas?
It has absolutely helped me a lot, and the diversity of cultures and work settings are part of my motivation and why I like being part of this business so much. I have worked in a number of countries – France, Luxembourg, Italy, Hong Kong (twice), Singapore.
When I was based in Luxembourg, I was effectively in charge of global operations for the buy-side, where I gained a global perspective of the business. At that time, we were developing our strategy in Asia, so while I was based in Luxembourg between 2009 and 2016, I travelled a lot to Asia Pacific – Australia and Singapore in particular – to help the development there with operations and IT expertise and support. I moved to Asia later, and have since sharpened my focus on this region.
Each country in the Asia-Pacific region is very different from another. It’s very different to do business in Australia than it is in India, and likewise with China, Singapore, and Hong Kong. Having this sort of multicultural, multi-country experience, both by being in the country and having that worldwide responsibility, is definitely helping me now in this regional role.
What excites you about the future of this business?
Learning and working with people to solve problems and find innovative solutions to help our clients excite me.
I like the custody business because it’s so wide in terms of expertise and things that you need to cover. I’m continuously learning, and nobody can pretend to be an expert in custody per se because it’s so multi-faceted. We are also a partner to
our clients in several countries, innovating and delivering on multiple products across many segments. With so much going on, not many things can be more exciting.
A long time ago, everybody was probably a little bit more specialised – with individuals in either local custody or global custody, for example. Now, we are doing so much more with not only local custody, global custody, but also with derivatives clearing, financing, lending, and asset servicing. Our business has expanded to completely cover a whole spectrum of the post-trade cycle.
What are some of the key changes you’ve seen in your time at BNP Paribas?
I would say the most significant industry shift is probably the evolving risk land- scape. The world changes fast and is becoming more and more complex. Data and information flows rapidly, this presents business opportunities but also serious threats. As such, data protection and financial security are absolutely critical. In this context, mitigation of risks across all aspects of our business has become increasingly crucial to protect our clients, our business and of course comply with all regulatory requirements.
Another change I have observed is that the asset managers and asset owners are looking to refocus on their core business and explore outsourcing of administrative activities. Interestingly, the discussion we used to have with asset managers, brokers, or banks 10 years ago doesn’t happen anymore. The discussion was “should I do it myself or should I outsource my operations?”. There was a debate on where each firm wanted to draw a line between doing it themselves and outsourcing.
Even as a custodian, the discussion with IT was often centred on whether to do things internally or whether we should buy a solution in the market.
Today, everybody is convinced that this business is remarkably complex, and requires considerable investments. As a result, there is a need for everybody to focus on one domain of expertise and for everything else, we develop partnerships – not so much outsourcing, but partnerships.
So for me, the discussion with clients has completely changed. There is a recognition that we need to have long-term relation- ships or partnerships, and the more we can deliver, the better it is – because our cli- ents’ domain of expertise is not to change an IT system or to do regulatory reporting.
We use the best systems, the best platforms, which have proved that they can service the likes of private capital, middle-office, etc. This concept of partnering and being relaxed about working with third-party specialists is much more apparent today than it used to be.
What advice would you give to your younger self starting out in the industry?
When I talk to young people, I tell them to make sure they are passionate; find something that keeps them motivated. When they wake up in the morning, they should be happy to go to work as it is crucial to maintain a positive and committed mindset
For me, the constant change, the international dimension, the opportunity to meet with people and to learn from different cultures, is great. One week I could be having dinner with a big pension fund in Australia, discussing the country’s retirement system, and the next day I could be in India discussing developments in that market. It’s fantastic to be able to be in this position.
Different people aspire different things. My advice would be to remain motivated and passionate about your job – and that could work for custody, journalism, or any other industry.