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BNP Paribas reorganises securities services

GLOBAL - BNP Paribas has reorganised its four autonomous securities services business units into a single structure in a bid to "create a unified sales and relationship management force and an enhanced product function".

It said the move would enable BNP Paribas Securities Services "to more effectively respond to the challenges faced by its clients in an increasingly global market place".

The restructure brings together BNP Paribas Securities Services' full service offer, including service clearing, custody and a full range of outsourcing, administration and fund services, to create an enhanced and robust Product function.

Charley Cock will head sales and relationship management with Tony Solway as his deputy. The team will focus on financial intermediaries, institutional investors, corporates and a securities industry group.

Michel Laurent will head the product and marketing team, with Jean-Marc Pasquet as deputy head. The team will cover all the group's securities services products, reorganised into four product lines: clearing, settlement and custody, global fund services, global liquidity services and global corporate trust.

"This restructuring of our business is a measure of our commitment to the industry," said Jacques-Philippe Marson, chief executive of BNP Paribas Securities Services. "We believe that in a fast changing world, we need to adapt in order to continue to deliver world class solutions to an international client base.

"By adapting our capabilities, we will deliver value to both our customers and our shareholders over the long term."

A spokeswoman said there were no job losses as a result of the revamp. BNP Paribas Securities Services has more than two trillion euros in assets under custody and 235 billion euros under administration.

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