J.P. Morgan has named David Kane (pictured) as head of its Trust and Fiduciary and Compliance Reporting business, which is part of the firms Worldwide Securities Services division (WSS). Kane replaces Tim Gandy, who is retiring after a 47 year career and 23 years at J.P. Morgan.
Kanes most recent role was head of Global Custody Operations at WSS, leading the global operating model across Dallas, Bournemouth, Mumbai and Bangalore, during which time assets under custody have grown to $16.9 trillion. Since joining J.P. Morgan in 1987, he has held a variety of roles across the firm, leading teams in finance, operations, technology and bringing new client business into the firm. He is based in J.P. Morgans Bournemouth office.
Nick Rudenstine, head of the Investor Services business within WSS, said, Davids deep understanding of our business, clients and role as a Trustee make him the ideal successor to Tim. Tim is a renowned industry expert, and his leadership, expertise and guidance will be greatly missed.
Following the banks decision on the appointment in March, Kane has been meeting with clients and his new teams across the UK and Europe as part of an extended handover period with Gandy. Kane will assume the new role on June 1.
J.P. Morgans Fiduciary and Trust business has more than $1.3 trillion of assets under trust. My role is two-fold to ensure our existing clients continue to receive the industry leading Trustee & Fiduciary services. Secondly, with all of the regulatory changes including AIFMD and UCITS V, it is critical that we can help lead our clients through this minefield of regulatory change, helping them to assess and manage impacts on their business. We have 150 Trustee & Fiduciary staff across 10 locations to provide the capabilities our clients can leverage to help them be compliant with this upcoming regulation.
Kane has a 25-year background in finance, working with Esso Petroleum, before moving into global custody operations. In his new role he will have responsibility for a broad range of clients, particularly focussing on the UK market and a focus on the mutual fund market.
Since 1991, Gandy has headed J.P. Morgans Trust and Fiduciary and Compliance Reporting business, which is the largest in Europe with 12 European locations, and acts for more than 2,000 funds worth $1.3 trillion.
Kane says there are many aspects of Gandys experience he will look to take forward. Tim has left a great legacy for me to take over. He and his team have built the leading Trustee business model. The teams knowledge in developing a practical approach to managing regulatory impacts is second to none. Tim has been a trusted advisor to our clients and to the industry for the past 23 years. I am honored and excited to continue Tims legacy.
(JDC)