Tom Swayne, head of the JPMorgan Investor Services business, has decided to retire after nearly three decades of service at the firm.
“After nearly 30 years with the firm, I am ready to retire,” Swayne said in a news release. “While I look for ward to my next opportunities, I feel very good about the work that I’ve done at JPMorgan over the years, especially in helping to transform our Investor Services franchise. The scale and leadership that JPMorgan Investor Services has achieved today, with the ability to offer our top-tier client list access to world-class solutions, can’t be matched.”
The release did not provide a specific retirement date.
Swayne, who has served as the Senior Executive for JPMorgan Investor Services since 1999, has overseen tremendous growth in the business. JPMorgan Investor Services experienced double digit growth in 2004 to record revenue and asset levels achieving $9.1 trillion in assets under custody for institutional investors worldwide. Assets under custody were up 20%.
“Tom has strategically grown the Investor Services business by extending relationships with a top-tier client base and providing the most complete array of global securities products and services in the industry. We are committed to continuing the momentum in further strengthening our Investor Services business and investing in capabilities that will meet our clients’ needs,” said Heidi Miller, Chief Executive Officer for JPMorgan Chase’s Treasury & Securities Services (TSS).
Mike Clark, head of JPMorgan’s Institutional Trust Services business, will assume leadership of the Investor Services business, in addition to maintaining his current role. Clark’s experience at JPMorgan Chase spans 12 years, where he has led the Institutional Trust Services division to double digit growth across its business lines. Prior to joining JPMorgan Chase in 1994, he developed servicing models and products for the retirement services, global custody and institutional trust businesses at Bankers Trust Company.
In his expanded role, Clark will continue to report to Heidi Miller and will remain a member of the TSS Executive Committee.
“The opportunity to lead an established, best-in-class global provider in the securities services industry is extremely exciting,” said Clark in the release. “We look forward to continuing strong partnerships with our clients to help them realize the benefits that the scale, depth and breadth of JPMorgan Chase deliver as the premier service in today’s marketplace.”