JP Morgan taps top sales exec from BBH for new asset manager servicing role
The move is the first by JP Morgan since the restructure to the securities services business earlier this year.
The move is the first by JP Morgan since the restructure to the securities services business earlier this year.
The changes follows a decision by the bank to centralise all of its custody and fund services activities under one combined unit.
The former JP Morgan and State Street securities services veteran has retired after 32 years in the Australian asset servicing industry.
A bounce in market valuations on the back of improved market returns and ongoing client confidence helped fuel the increase in AuC in Australia.
Michael Tae, who has served in the role since 2017, will take on a new position as chief transformation officer for the Investor Communication Solutions business.
The milestone follows a period of increased investment by the US bank into its securities services business over the past few years.
The hire is the latest in State Street’s effort to bolster its asset owner servicing team globally.
The repo trade used its in-house developed blockchain application, Onyx, supported by instantaneous settlement to swap digitised US Treasury bonds for JPM Coin
JP Morgan will provide a full range of custody services for VER’s equity and fixed income portfolios, valued in the region of €8 billion.