State Street Jersey fund executive joins ING unit

JERSEY – The head of operations at State Street’s Jersey fund administration unit, Graeme McArthur, has joined ING’s Baring Financial Services Group.

Baring Financial Services, part of Dutch bank ING’s Baring Asset Management, said in a release that it would open a new third-party fund administration office in Jersey this month.

McArthur would be managing director of the office, International Fund Managers (Jersey) Ltd. Baring said McArthur has most recently head of client services and operations at State Street Holdings (Jersey) Ltd.

It added he was involved in integrating Deutsche Bank’s Jersey fund administration business following the Boston-based bank’s 1.5 billion-dollar acquisition of Deutsche’s Global Securities Services arm.

The new office will complement Baring’s Guernsey fund administration office. The opening of the office follows the introduction of a new fast authorisation process for funds by the Jersey Financial Services Commission’.

Meanwhile the Bank of New York has said it has hired another State Street executive.

The bank said it has named Yvonne Franklin as client executive for consultant relations in Europe. She had been at State Street since 1997 and will report to Benjie Fraser, managing director, European pension funds.

It said, “this is a new role aimed at developing and deepening the bank's relationships with the consultant community in Europe for pension fund, custodial and investment services”.