Standard Chartered consolidates securities services functions

Standard Chartered, the British bank with large franchises in Asia, Africa and the Middle East, has made two significant appointments this week and launched a re-organised securities services business.

The bank has appointed Margaret Harwood-Jones as global head of securities services after shifting various activities for this function – such as sales and client service – into one discrete securities services unit.

Additionally, at group level the bank has appointed José Viñals from the International Monetary Fund (IMF), as chairman starting in October.

The reformed securities service unit, which is placed within Standard Chartered’s transaction banking division, brings together sales, product, service and technology & operations to “better serve” clients by placing all activities to do with securities services on an “end-to-end basis under common leadership and management”.

Standard Chartered’s securities services business operates mainly across Asia, Africa and the Middle East with presences in 40 markets. In particular it acts as a sub-custodian to global custodians, including for custodians working for European asset managers that invest in emerging markets.

Harwood-Jones joined Standard Chartered as the head of investors & intermediaries in transaction banking in January 2013, and will maintain those responsibilities.

Viñals is the financial counsellor and director of the monetary and capital markets department of the IMF.

Naguib Kheraj, senior independent director who led the chairmanship recruitment process, said Viñales is widely acknowledged as an expert on the world financial and regulatory landscape and has excellent relationships with finance ministers.

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