eSecLending has appointed Paul Lynch as COO, effective April 25.
Lynch was one of the State Street securities finance staff that left the firm to launch Premier Global Securities Lending (PGSL), the third-party agent lender that recently closed after settling the lawsuit lodged against it by State Street. Craig Starble, who founded PGSL, was sued along with Lynch and fellow executive Peter Economou by State Street, which claimed PGSL raided its securities finance unit for staff. Along with Starble, Economou and Lynch, six other State Street staff left to join PGSL. One of them, Michael McAuley, recently became managing director of global securities lending at BNY Mellon.
Lynch has 20 years of financial services experience, having specialized in securities lending since 1996. Prior to PGSL, he was a senior managing director and head of global trading and risk management at State Street in its Securities Finance division. During his 14 years at State Street he held several other senior roles in securities lending product development, operations and business development. Prior to State Street, Lynch held various positions at Mellon Trust, Coopers and Lybrand and Fidelity.
I am pleased to be joining an innovative firm that has built a strong reputation and track record in successfully delivering securities financing solutions for their clients, Lynch says. The industry has evolved significantly in recent years and it is clear that eSecLending is best positioned to respond to these changes. Their differentiated philosophy and approach are well suited to meet the needs of beneficial owners as they seek best in class providers for their investment objectives. I look forward to leveraging my experience to further enhance the firms strategy and to help build on its continued success.
Karen OConnor, eSecLending co-CEO, adds: We are delighted to welcome Paul to eSecLending as he brings extensive market knowledge and experience. Paul is a proven leader and collaborator and his expertise in strategic planning, risk management and innovation will bring significant value to our firm and our clients.
eSecLending was rated in Global Custodian‘s 2011 Securities Lending Survey.