Rajen M. Shah, global head of custody at J.P. Morgan, has been replaced by Nick Rudenstine, global securities lending product head. According to a spokesperson at J.P.Morgan, Shah will be seeking other opportunities within the bank. Rudenstine will start immediately.
J.P.Morgan declined to explain why the change had been made.
Explaining Rudenstines promotion in an internal memo circulated yesterday, Conrad Kozak, chief executive of J.P. Morgan Investor Services said: Nick, who joined the firm in 2003, is well prepared for the job, with strong experience in product, risk management and strategy. Most recently, he served as Global Securities Lending Product Head within Financing and Markets Products. Other major roles have included Chief Operating Officer for FMP and Strategy Executive for TSS overall. He has the grasp of product dynamics needed to expand our core offering, the partnering skills essential to delivering the firm to custody clients and a proven ability to execute that will enable him to lead our initiatives.
Rajen Shah was appointed the Product Executive for the Global Custody Product for J.P. Morgan Worldwide Securities Services in May 2006. Prior to undertaking his current role he was Senior Vice President and Global Business Head for Clearance and Collateral Management at J.P. Morgan.
Rajen previously held various positions within J.P. Morgans Investment Bank, including European Head of Derivatives Middle Office and Global Head of Derivatives Collateral Management Operations. Prior to joining J.P. Morgan, in July 1996, Rajen worked as a management consultant at Accenture, specialising in business process re-engineering for financial institutions.
Giles TurnerNews Editor