J.P. Morgan has reorganized its Investor Services team as part of the integration of its Treasury and Securities Services business, which includes Worldwide Securities Services (WSS), into a new Corporate and Investment Bank (CIB) division. The reorganization of the Investor Services team within CIB will assign new roles to its current members, but appears to exclude Dinkar Jetley, who was appointed to the position of CEO of WSS in May last year.
It is understood that Jetley is still with the firm and is going to help with the transition of his team and legacy investment bank people.
A statement from Carlos Hernandez, who was named head of Investor Services in September, said: Our industry continues to experience fundamental change driven by regulatory reform, as well as competitive and client dynamics. To adapt to this new environment, investor and broker-dealer clients will need to re-engineer their businesses and seek greater efficiencies; and they will look to us to provide an expanded, best-in-class product offering. Hernandez, previously head of equities, took charge of the business line combining the New York-based firms prime brokerage, financing and securities services units.
Hernandez said a streamlined organization structure with unified, end-to-end management of similar businesses and risks would be key to achieving operational excellence, superior technology and a holistic client approach. As such, he announced the following Investor Services leaders:
-John Horner, head of Prime Brokerage & Financing
-Emily Portney, head of Agency Clearing, Collateral Management and Execution (ACCE). Created just a few months ago, this group integrates J.P. Morgans clearing, collateral management, futures and options businesses.
– Nick Rudenstine, head of Custody and Fund Services, including FX and liquidity products for traditional and alternative asset owners and managers. Sarah Gill will continue to lead the platform group and will now report to Rudenstine. The platform team will continue to work across products to ensure strategic alignment with our business and client needs.
Hernandez added: I would like to thank Dinkar Jetley for his significant contributions in leading the WSS businesses. In the months ahead, Dinkar will be instrumental in helping me with the integration of the businesses and shaping the new Investor Services organization.
In order to deliver a consistent service across regions, Hernandez said that Francis Jackson will coordinate the Investor Services Sales global agenda. Jackson will partner with the product heads, operations and the regional Investor Services sales heads: Chris Lynch and Rich Stephenson for the Americas and Laurence Bailey for Asia. Jackson will have a primary reporting line to Alessandro Barnaba and Sikander Ilyas, co-heads of EMEA Sales & Marketing.
Horner, Portney, Rudenstine and Jackson will be members of the Investor Services management team.
(JDC)