JP Morgan has reshuffled its custody fund services (CFS) business with two new appointments, just weeks after securing a $1 trillion custody mandate with BlackRock.
Patrick Moisy – formerly head of capital and funding activities for equities and investor services at JP Morgan – has been promoted to a newly created role, according to an internal memo seen by Global Custodian.
As head of CFS liquidity and trading services globally, Moisy will be responsible for risk activities within CFS including agent lending, depositary receipts, liquidity and collateral management.
Several executives will join his team including David Raccat – who is joining JP Morgan from BNP Paribas as global head of CFS liquidity and FX.
In his new role, Raccat will focus on managing CFS client positions with a focus on balance sheet liquidity and will also be responsible for the CFS FX product.
Both Moisy and Raccat will be based in London in their new roles.
Stefano Bellani, Michael Albanese and Robert Schwartz will also join Raccat as part of Moisy’s team.
The three will also continue in their roles as global head of trading services, global head of collateral management and head of JP Morgan’s off-balance sheet cash & liquidity markets product respectively.
BlackRock selected JP Morgan in January to provide custody and fund services for over $1 trillion of its clients’ assets in a landmark deal, moving the assets away from State Street.
The transaction is among the largest custody deals ever signed and it is believed that JP Morgan will onboard the assets over the next two years.