Can you give us an insight into your personal journey into the asset services industry? Why did you decide this was the career for you?
I joined the asset servicing industry straight after completing my A-Levels, starting at the Bank of New York in 2017. While I had the option to go to university, I chose to begin my career early and develop through hands-on experience alongside professional qualifications. I started in a junior role and progressed to an analyst and then senior analyst position. Early on, I recognised that financial services suited my strengths, and I found myself naturally gravitating towards client-focused work.
During my time at BNY, I developed my tax knowledge by working with a range of fund and asset management clients, gaining exposure to a variety of tax compliance and reporting requirements. As my experience grew, I took on increasing responsibility for managing client relationships and delivering tax support across multiple mandates. When an opportunity arose to move into a more specialist tax role within the industry, I decided to make the transition. This has continued to be my focus ever since joining Waystone five years ago. Alongside my day-to-day responsibilities, I completed the Association of Taxation Technicians qualification and am currently awaiting the result of my final Chartered Tax Adviser exam in July 2026.
What aspects of your job do you enjoy most?
One of the most rewarding aspects of my role is the exposure to a wide network of colleagues and service providers across different jurisdictions, including teams in Germany, Italy, India and Taiwan amongst several others. Building strong, long-term relationships, both internally and externally, is a key part of the job and something I really value. I also enjoy the technical complexity of the work. Asset servicing tax is inherently challenging due to the variety of transactions undertaken by funds and their global investments. This means we need to consider not only UK tax rules, but also local tax regimes to ensure ongoing compliance.
A particularly satisfying part of the role is identifying and delivering value for our clients. For example, I recently managed a significant French withholding tax recovery exercise. This required working closely with external advisors to demonstrate that our funds should be treated as comparable to a local French vehicle under European Court of Justice principles. While the process was complex and time-consuming, the outcome was a substantial recovery for the client and a clear demonstration of the value we can add through technical expertise.
Being fairly new to the industry, how does your experience compare to those who are more established? Are there pros and cons?
With nearly nine years in the industry, I would now consider myself relatively experienced, although asset servicing is a field where there is always more to learn. I think that there are clear advantages to recruiting new people to the industry, as they often bring fresh perspectives and are more likely to challenge existing processes, which can lead to efficiencies and improvements.
On the other hand, tax is an area where experience does carry significant weight. The breadth of taxes involved, from corporation tax and withholding tax to stamp taxes (to name a few), combined with the global nature of fund structures, means that practical experience is invaluable when dealing with complex or unusual scenarios. A strong team benefits from a mix of both fresh thinking and established expertise.
Have you noticed any misconceptions about the asset servicing industry?
A common misconception is that asset servicing roles are purely operational or administrative. The work, particularly within tax, is highly technical and requires a strong understanding of both legislation and market practices across multiple jurisdictions. There can also be an assumption that the industry is quite static. However, in practice, it is constantly evolving in response to regulatory change, market developments, and increasing globalisation. This means the role is far more dynamic than many might expect.
Is there anything in the industry you would like to see evolve or change?
One area I would like to see continue to evolve is the standardisation and simplification of global tax recovery processes. Currently, reclaiming withholding tax in certain jurisdictions can be complex, time-consuming, and inconsistent, which can create inefficiencies for funds and their investors. Tax is notoriously slow to adapt to technology.
Notably, the EU is working on a the Faster and Safer Tax Relief of Excess Withholding Taxes (FASTER) Directive, which aims to make withholding tax procedures in the EU more efficient and secure for investors. We closely monitor this and many other market developments through our extensive cross-company network. In addition, it will be interesting to see how the industry adapts to the significant recent advancements in AI. Waystone has provided us with various AI tools, and we have been keenly using them in an effort to improve efficiency.
What is the training process for a new employee? Was it beneficial to your role and those now in the same position?
The training process within our team is very structured. We have developed a comprehensive training guide, alongside detailed procedural documentation, which helps new joiners build a solid understanding of both the technical and operational aspects of the role.
As a line manager, I have seen first-hand how beneficial this is in helping individuals get up to speed quickly while still having the resources to refer back to as they develop.
In terms of your career, where do you see yourself in a decade?
In the long term, I see myself remaining within the asset servicing industry in a more senior tax-focused role.
While there are opportunities to move into broader areas of tax, such as general corporate advisory, I am keen to continue building on my experience within asset management and servicing. It is a highly specialised area where I believe I can add the most value and continue to develop deep expertise.
What advice would you give to young graduates entering the financial services field?
The best advice I received early in my career was to stay curious — ask questions, be proactive in learning, and focus on building relationships from day one. No single person has all the answers, and so you will benefit greatly from a strong network of colleagues and contacts.
I would also encourage graduates to be open to different opportunities within the industry.
Early roles can provide a broad foundation, and over time you will naturally find areas that align with your strengths and interests.
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Jack Niven
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Image: Waystone 
