State Street has recruited a former buy-side sales executive from HSBC Securities Services to lead its sector solutions business across Australia and Southeast Asia.
In a newly created role, Cara Brosnan joins State Street in Sydney to lead its sales initiatives across products and client sectors including asset managers, asset owners, insurance companies and alternatives fund managers in the region.
“Her [Brosnan] extensive experience in institutional sales roles combined with her comprehensive product knowledge and network will enable us to meet ever-increasing client demands, and further expand our business in Australia and Southeast Asia,” said Jason Rich, head of sector solutions for Asia-Pacific, State Street.
“Australia remains the world’s fourth-largest pension market valued at $1.9 trillion, experiencing the highest growth rate of pension fund assets in the world. Add to this increasing interest from Southeast Asia pensions in global diversification, and we see tremendous opportunities in these regions.”
Brosnan joins from HSBC Securities Services where she was most recently regional head of insurance sector sales in Asia-Pacific, and was responsible for leading HSBC’s custody and fund administration growth in the insurance sector.
State Street is the fifth largest custodian in Australia as of 30 June, according to statistics from the Australian Custodial Securities Association (ACSA), with nearly $490 billion in assets under custody (AUC).
Total AUC in Australia has increased 4.2% over the year to $3.7 trillion, while assets held in sub-custody for foreign investors was up 10.6% to $1.7 trillion.
Earlier this year, State Street promoted Ian Martin, a 25-year veteran of the bank, to lead global services for the Asia-Pacific region, which includes global custody, accounting and fund administration services to asset owners and managers.