GLOBAL – J P Morgan has consolidated its investor services and institutional trust services into a new unit called J P Morgan Worldwide Securities Services.
“The integrated franchise brings together the former J P Morgan Investor Services and Institutional Trust Services businesses, and will provide custody and investor services as well as securities clearance and trust services to clients globally,” the New York-based bank said.
"Our commitment to growing our securities services business through a relentless focus on clients is a top priority," said Heidi Miller, chief executive for J P Morgan Treasury & Securities Services.
"We will continue to invest in technology and product development to drive business growth and increasingly provide innovative solutions to clients."
Ramy Bourgi will head client management, customer service, sales strategy and product management in Europe, the Middle East and Africa. He will share the role of EMEA regional head with head of clearance Liz Nolan.
Other key appointments: Fred Bromberg (global sales executive), Thomas Christofferson (global and North American client executive, PJ Hilbert (global customer service executive).
The new arm will have four business units:
- Securities, including global custody, fund services and outsourcing, headed by Neil Henderson.
- Clearance, including American Depository Receipts, clearance and collateral management, securities collateral management, government and equity services, headed by Nolan.
- Securities lending and market products, headed by Avi Stein.
- Trust, including global debt and asset servicing, headed by Diane Eshleman.
The two businesses generated a combined $3bn in annual revenue, hold $9.1trn in assets under custody, and service $6.7trn in debt and $250bn in equities worldwide.
"We are exceptionally well positioned to offer clients the most complete and innovative arsenal of products and services," said Michael Clark, head of J P Morgan Worldwide Securities Services.
"As clients respond to changes in the industry and regulatory environment, we will be able to anticipate their needs and help them react even more quickly to the ever-changing demands. This array of services will be the winning hand going forward."