Patrick Colle is to replace the departed Jon Lloyd as head of the European sub-custody and clearing business of BNP Paribas Securities Services, with additional responsibility for expanding the global custody and outsourcing franchises of the bank.
His arrival signifies a straight swap of senior executives with JP Morgan Worldwide Securities Services, since Lloyd re-joined his former colleague Liz Nolan at Morgan earlier this year.
Colle, who succeeds Lloyd as Head of Product – Clearing, Settlement and Custody, was until now a Senior Vice President and Global Business Manager of ADRs for JP Morgan in London.
At BNP Paribas, Colle assumes responsibility for driving the product development of all securities clearing and custody-related activities, which include the bank’s derivatives clearing business as well as middle- and back-office outsourcing for broker-dealers.
Colle will report to Michel Laurent, Head of Product and Marketing. He will also join the BNP Paribas Securities Services Executive Committee.
“I’m thrilled at the opportunity, and the challenge, of expanding BNP Paribas’ clearing, settlement and custody solutions,” says Colle. “With significant competitive advantages – an unparalleled ‘multi-local’ market footprint, a growing range of new products, a strong client focus culture and a clear commitment to the securities services business – BNP Paribas has a solid base on which to build global, compelling solutions to meet the constantly evolving needs of clients.”
Michel Laurent pointed to the little appreciated scale of the BNP Paribas global custody and fund administration offering across Europe, as well as the sub-custody and clearing network. “As a result we have diversified our business to encompass both ‘buy-side’ and ‘sell-side’ clients and activities,” he says. “The appointment of Patrick is a sign of our continuing commitment to deliver comprehensive clearing and custody solutions to our clients, and to accompany their business development going forward. This is especially timely given the new challenges and opportunities the industry is facing, such as MiFID, Target 2 or in the area of operations outsourcing.”