EUROPE – JP Morgan’s European custody co-head Ramy Bourgi is to leave amid a restructuring of the division’s management.

The bank said Bourgi has “decided to pursue other opportunities”.

Bourgi’s colleague Liz Nolan will take over as sole European head for JP Morgan Worldwide Securities Services, which provides global custody, fund services, transfer agency and investment outsourcing.

The move comes as 27-year bank veteran Conrad Kozak was named as head of the securities company arm at the division, replacing Neil Henderson who is leaving.

Kozak, most recently head of strategy for the bank’s treasury and securities services business, will report to executive vice president Mike Clark.

JP Morgan Worldwide Securities Services has $11trn in assets under custody and services $6.7trn in debt and $250bn in equities worldwide.