Following the recent changes in senior management, which saw Richard Godfrey depart and Sébastien Danloy installed as interim global head of securities services, HSBC’s securities services business is moving away from its sector structure and streamlining its governance framework.
At the management level, the changes cover:
Product:
Suvir Loomba, previously head of direct custody & clearing product, is now head of custody. This expands his remit as he takes on leadership of global custody in addition to DCC.
CP Yap, previously investor services global head of product, is now head of fund services. This includes fund administration, middle office, performance & risk and additionally transfer agency, with Jon Willis, global head of distribution & transfer agency, now reporting to Yap.
Adnan Hussain, previously head of securities lending, will now also lead the treasury function as the head of agency lending & liquidity services.
Tony McDonnell will continue his role as the head of global alternatives. Ronnie Griffin will continue as the head of trustee & fiduciary. ZK Lee remains focused on the digital proposition as the head of digital & data product.
Across Products:
Kim Newell Chebator will join as head of account services, formerly account management, across products. She joins from State Street, where she was head of the global clients division for Asia Pacific and Europe, Middle East and Africa, and previously chief administrative officer for EMEA.
The securities services business will continue to operate under a matrix structure with Carl Andrews (Europe & Americas) and Rafael Moral (Asia Pacific & MENAT) as regional heads.
All roles sit on the global securities services executive committee and report functionally to the global head of securities services. It is expected that, following this reorganisation under his interim leadership, Danloy will shortly be confirmed as the new global head.