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Kitcat bows out of Lloyds

Wayne Kitcat, managing director of UK-based Lloyds Bank Securities Services (LBSS), is to take early retirement. Kitcat has been at the helm of LBSS since 1994, and oversaw the acquisition of NatWest's custody business in 1995, which added more than £50bn of assets to the Lloyds portfolio. LBSS has a strong franchise in the UK's unit trust market, and has also developed a powerful position as a provider of UK agency services to overseas banks, but doubts remain about the bank's long-term commitment to the custody business, with Bank of New York mentioned as a possible suitor. Kitcat is to be replaced by Ken Farquhar, who moved to LBSS from the corporate banking division last year.

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