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 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)