BNP Paribas Securities Services has hired JP Morgan’s former head of global custody for the Americas to further develop its global depositary services.
Dennis Bon joins the French custodian as global head of depositary and fiduciary services, where he will drive the continued growth of the business and help spearhead the digital transformation across the securities services franchise.
Bon previously led the direct and global custody product and business in the Americas for three years at JP Morgan.
Overall, Bon spent 17 years at the US investment bank in a variety of senior roles in New York and London, including global head of strategy and corporate development for treasury and securities services, as well as global head of depositary receipts.
“His [Bon] many years of strategic and business management expertise in the securities services industry will be a great asset to our leading depositary business at a time of fast regulatory, operational, and technology change,” said Arnaud Claudon, global head of asset managers, BNP Paribas Securities Services.
The hire follows the recent closure of BNP Paribas’ acquisition of the depositary banking business of Banco BPM Spa (SPM), Italy’s third largest bank, for €200 million.