Despite unfavourable conditions for the global custody industry as a whole in the first few months of the year, Ron O’Hanley, State Street’s new CEO, sees untapped opportunities.
Tag: Securities Finance
The Boston-based global custodian stated the drop was down to challenging industry conditions including fee concessions and lower client activity.
The securities finance division was one of the worst performing business units for State Street in 2018.
The new system will integrate its trading, post-trade and data services, as well as its flagship Next Generation Trading (NGT), on a single platform.
The hire will help fill a gap left by its long-time global head of securities finance equity trading, who left the bank in the summer.
It is the latest significant hire for Cantor Fitzgerald as it continues to boost its global prime brokerage offering.
Lynch has more than 30 years of experience in securities lending and was most recently head of trading and short-term investment management at eSecLending.
The former global head of agency lending product and portfolio advisory at JP Morgan joins the data vendor to lead its commercial strategy and products.
Liquidity issues remain a thorn in the side of the securities finance industry even though returns are increasing.