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J P Morgan in swoop for Citigroup's McGonagle

UK – J P Morgan’s securities services arm has hired Teresa McGonagle from rival Citigroup Global Transaction Services.

J P Morgan Investor Services said she would be a global practice leader in the global client group. The appointment was effective on June 23.

Citigroup Global Transaction Services spokesman Robert White said her responsibilities on the funds side would be taken over by Mary Ambrecht, while the custody side would be handled by Jervis Smith.

Earlier this month Citigroup named Smith as global sales head of managed funds and pension funds, while Ambrecht was appointed global product head of managed funds and pension funds. The two are veterans of the US bank.

White said there was a “distribution of responsibilities within the group”.

Tom Swayne, J P Morgan Investor Services’ business executive said: “Teresa is well known in the fund management and securities services industry and will be a valued strategic partner in furthering our key growth initiatives."

At Citigroup McGonagle had worldwide responsibility for new product development, implementation as well as finance and risk.

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