BNP Paribas Securities Services has hired Linda Morsia, formerly of State Street, as head of its depository banking business in the UK.
Morsia joins from State Street Trustees, where she was head of client management, sales and business development.
She reports to Arnaud Claudon, head of depository banking at BNP Paribas Securities Services.
Claudon said that since launching the service in the UK, the firm has seen great success, including several impressive mandate wins.
“This is part of our global strategy to service our clients to the best possible standard in every location and support their activity where they need us.”
BNP Paribas launched its depository bank in the UK in 2012 in response to demand from its UCITS clients as well as the impending implementation of AIFMD.
Under the directive, non-UCITS funds in Europe must appoint a depository bank to provide cash monitoring, safekeeping and oversight of assets.
The bank has announced several other geographical expansions for its depository banking network including most recently the Netherlands and Switzerland.
Since the UK launch, BNP Paribas has been appointed by more than 10 fund managers to act as depository for more than 40 UK alternative investment funds investing across listed, unlisted and alternative assets.
