HSBC repositions global head of custody and reorganises businesses under new leadership

Custodian follows up range of new appointments and repositioning with reorganisation of securities services functions and leaders as global head of custody moves role.

By Jonathan Watkins

HSBC’s global head of custody, John van Verre, has taken up a new role within the company, leading to the securities services provider restructuring the leadership of the businesses he was previously responsible for.

GC Legend van Verre will take on the role of head of network management and enhanced due diligence in HSBC’s Global Banking and Markets business.

The industry veteran oversaw a range of custody and treasury product business lines which will now be split among the bank’s securities services leadership as HSBC looks to design its organisational structure around client sectors.

The direct custody business will be under the banks and broker-dealers sector overseen by global head, Alexis Meissner. Stephen Pemberton, global head of direct custody and clearing and broker outsourcing product, will now report into Meissner.

The global custody, treasury and tax functions will shift to the asset owners and managers sector. Jane Karczewski, head of global custody product, Pesi Bilimoria, global head of HSS treasury product and Ed Turner, global head of tax product will report to Sebastien Danloy, global head of asset owners and managers.

A spokesperson for HSBC confirmed the reorganisation.

In his new role at HSBC, van Verre will oversee the correspondent banking control and enhanced due diligence framework, as well as the existing network management function for agency banks and nostros.

Van Verre moved from London to Hong Kong in early 2018 and was formerly responsible for the Asia-Pacific business.

The HSBC securities service business has seen a vast amount of change in the past two years, including the addition of Pemberton and Karczewski and the appointment of new global co-heads in Allegra Berman and Richard Godfrey, who took on the role in October 2018.

Godfrey has served as acting global head of HSBC Securities Services (HSS), since the passing of Cian Burke in May 2018, and was also chief operating officer of HSS, while Berman was previously EMEA head of Global Banking’s financial institutions group.

One of their first moves was to appoint Danloy to the role of global head of asset owners and mergers sector for HSS on 1 February and Carl Andrews as regional head of Europe, while Rafael Moral was named global head of strategic business development and planning.

Meanwhile in September 2018, Roy Zimmerhansl left his role as global head of securities lending after over five years at the firm.

The bank also hired Gerald Noltsch from BNP Paribas this week as its head of securities services for Germany, according to an internal memo seen by Global Custodian. Noltsch spent 21 years at BNP Paribas Securities Services most recently responsible for Germany, the Netherland and Nordics.

Noltsch will replace Gina Slotosch, who moves into a global role as head of business and commercial management for the HSBC Securities Services asset manager and owner sector in London.

The changes are in line with HSBC’s new organisational structure which splits its businesses into client sectors: banks and broker dealers, issuer services and asset owners and managers. 

Revenues for the HSS businesses grew 11% to nearly $2 billion during 2018, boosted by the bank’s global custody business.