The transition of staff and clients from Deutsche GSS and State Street has encountered another bump. Graeme McCallum, relationship manager for Deutsche GSS’s Middle Eastern clients, is said to have defected to HSBC, taking with him his number two, Michael Slater.
At Deutsche GSS, McCallum reported to Richard Fodder, head of UK pension fund relationships, who State Street is positioning as the chief sign of continuity in the management of the UK business.
Some observers reckon that State Street was keen to retain McCallum and Slater in order to build up its already sizeable Middle Eastern clientele -the bank runs a major client event in Dubai every year – but sources within State Street indicate that their departure was not unexpected.
The likeliest explanation for their departure, according to insiders, was reluctance to report to Rod Ringrow, the London-based head of Middle Eastern clients at State Street.