Jean Devambez has joined MFEX, a European fund distribution platform, as group COO.
In his new role at MFEX, Devambez will focus on increasing new business opportunities for both distributors and fund houses.
Devambez will work with his teams to deliver an enhanced global platform operating model and continue the digital transformation of this business for better user experience.
According to Devambez, MFEX’s platform model answers very well to fund distribution business challenges: complexity, cost and fragmentation.
“For the last three years, we have seen a huge consolidation trend in this area around a few players. MFEX is one of them,” Devambez said.
Prior to MFEX, Devambez spent 12 years at BNP Paribas Securities Services, where he most recently served as global head of digital and acceleration.
During his time at BNP Paribas, Devambez served in roles including head of asset services operations, global head of products and solutions, and head of innovation and new business model development.
Devambez noted the development of the fund distribution business line as one of his greatest achievements during his career, along with the delivery of integrated solutions for global clients.
Additionally, Devambez also worked to help achieve the transformation of the global depotbank business post the Alternative Investment Fund Managers Directive and UCITS V.
Reflecting on his career so far, Devambez said: “The industry has definitely changed a lot, reaching maturity on traditional models for core services such as fund distribution, fund admin or middle office outsourcing. In recent years we have also witnessed a growing focus on data solutions and environmental, social and governance driven services.”
“European Asset servicing market has benefited from regulatory harmonisation and consolidation of players. Asian market development has brought many new business opportunities,” Devambez said.
He added: “Now new client needs, new regulations and new technologies call for new models. Specifically, adoption of new technologies from cloud to artificial intelligence and blockchain on one end and evolution of business towards more mutualisation and disintermediation on the other end, which will accelerate the move towards platform business model.”
