J.P. Morgan has hired Michael Drumgoole to head up direct custody and clearing (DCC), Asia Pacific, as the firm’s DCC platform goes live in Hong Kong.
J.P Morgan’s DCC platform provides clients with access to all local market infrastructures, including exchanges, clearing houses and depositories. DCC offers clients an end-to-end processing capability spanning the clearing, settlement, custody and asset servicing value chain.
Drumgoole joins J.P. Morgan from SetClear, where he spent five years as deputy COO.
Rowena Romulo, global head of DCC, J.P. Morgan Worldwide Securities Services, said: “We?re delighted to have a leader of Drumgoole’s caliber and expertise join our regional DCC team. Drumgoole will be instrumental in further enhancing the in-region services that we offer to our global clients as we continue to build our international DCC footprint into a market leading platform.”
Commenting on the DCC platform expansion Romulo, said: “Given an increasingly complex and competitive global environment, it is important that we continue to enhance the services that we provide to our cross-border institutional clients. By providing our international clients with a seamless end-to-end service, we are able to provide a consistent client experience that leverages our global capabilities and deep local market expertise.”
