LONDON, March 10 (IFR) - JP Morgan has set up a new unit in its custody and fund services business to optimise how the business manages risk and capital. It will be headed by Patrick Moisy.
Moisy has been appointed to a new role as head of CFS liquidity and trading services, reporting to Teresa Heitsenrether, global head of CFS, according to a memo sent to staff on Friday and seen by IFR.
The memo said increasingly complex client demands had prompted CFS to try to optimise how it manages risk, capital, balance sheet and liquidity.
Moisy will be responsible for risk activities, including agent lending, depositary receipts, liquidity and collateral management, it said.
Moisy has spent the last two years working on capital and funding across investor services and equities.
The memo said David Raccat will join Moisy's team in April as head of CFS liquidity and FX. Raccat joins from BNP Paribas, where he has been head of global markets services. He will be based in London.
Also on Moisy's team are Stefano Bellani, who will continue as head of trading services; Michael Albanese, head of collateral management; and Robert Schwartz, head of off-balance sheet cash and liquidity markets. (Reporting by Steve Slater)