HSBC Securities Services has appointed Drew Douglas as global head of custody covering HSBCs existing global custody, sub-custody and domestic custody services with effect from 1 July 2008.
As a leading provider of custody services, HSBC provides services to banks, corporations, global custodians and cross border institutional broker-dealers.
Currently head of alternative fund services in the Americas, Douglas has extensive international experience in the fund services businesses having worked in New York, London and Bermuda. He will relocate from New York to London.
Douglas will be responsible for the closer organisational alignment of HSBCs custody businesses and identifying greater operational and technology efficiencies to ensure the ongoing provision of world-class solutions to clients.
The three custody businesses have historically run on separate processing platforms. This initiative will contribute towards the integration of the system platforms enabling us to streamline our processing capabilities whilst providing additional capacity for clients. All client data from the
different business streams will continue to be kept strictly separate and confidential, says Tim Howell, global head, HSBC Securities Services.
Colin Brooks will remain global head of sub-custody and clearing and will also assume the role of head of custody for Asia-Pacific. He will continue to be based in Hong Kong and report to Douglas.
Drews appointment reflects the strategic importance of the custody businesses to HSBC Securities Services. We are investing in the development of our custody proposition to ensure that clients continue to receive the highest levels of service and state-of-the-art technology solutions across our global network, says Howell.