Despite being a growing reservoir of funds under management, this critically important pool of capital is confronting mounting problems collating and disseminating key data in a timely manner.
The ratings house is pinning its growth strategy on a revamped methodology that increases the emphasis on governance to 25 per cent – a timely move considering APRA’s proposed reforms.
BNP Paribas goes with local talent to replace Pierre Jond
BNP Paribas Securities Services has anointed Peter Baker to succeed Pierre Jond as managing director of Australia and New Zealand. Jond, who has been in the role for four years, will return to Paris at the end of the year.
The company also announced last week that Michelle Crosbie, a New Zealander who had been COO in the London office for the past five years, will become the Sydney-based COO, succeeding Luc Vassort who has headed for the BNP Paribas Moroccan office.
Jond, like his predecessor, Jean-Marc Pasquet, was active in the broader securities services industry during his time in Australia – currently as chair of the Australian Custodial Services Association. He is expected to retain that role until the annual meeting later this year. But the appointment of an Australian to take his place at BNP Paribas will send a message to the market of a greater commitment to the region and possibly greater longevity in the role. Baker will report to the regional head in Hong Kong, Lawrence Au.
Pasquet, who headed up the Asia Pacific region from Sydney, was also in the job for four years. He is now in charge of France and Belgium.
Jond oversaw a significant building phase for the firm, including obtaining a banking licence, the move to the global custody system, commencement of listed derivatives clearing and the joint migration project with client AMP involving the AXA and ipac assets and Tyndall’s fund management business.
Jond said: It has been very satisfying… We are poised for growth and it is the right time to hand over to a new head with strong links to the local industry.”
Baker is a former senior executive at State Street. He was managing director of State Street Investor Services in Australia, New Zealand and South-East Asia, managing director of the UK, Middle East and Africa and managing director of Asia ex-Japan. He joined BNP in early 2012 and was recently promoted to head of client strategy and communication.
BNP has also appointed a new head for its Singapore office, Mostapha Tahiri, who replaces Claudon Arnaud, who is also returning to Paris.
