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Raccat joins JP Morgan's custody and fund services business
10 March 2017
David Raccat was previously head of global markets services for BNP Paribas
Former BNP Paribas executive David Raccat is joining JP
Morgan's custody and fund services (CFS) business.
Raccat, previously head of global markets services for BNP
Paribas Securities Services, will be part of a new unit within
CFS tasked with optimising how the business manages risk and
He will move to London to take up the role after having
spent two years in Singapore.
JP Morgan's new division will be headed by Patrick Moisy who
will be responsible for risk activities, including agent
lending, depositary receipts, liquidity and collateral
An internal memo reportedly said increasingly complex client
demands had prompted CFS to try to optimise how it manages
risk, capital, balance sheet and liquidity.
Also on Moisy's team are Stefano Bellani who will continue
as head of trading services; Michael Albanese, head of
collateral management and Robert Schwartz, head of off-balance
sheet cash and liquidity markets.
The moves come after JP Morgan announced it has secured a $1trn custody mandate with
BlackRock in January.
The landmark transaction is among the largest custody deals