BNP Paribas loses local MD

BNP Paribas Security Services managing director for Australia and New Zealand, Pierre Jond, will return to Paris at the end of the year after four years in the role.

He will be succeeded by current head of client strategy and communication Peter Baker, following a hand-over period of six months.

The company has had a lot of local success under Jond — gaining its banking licence and launching Australian custody services which leverage its global model.

BNP Paribas took on over $100 billion assets under custody in 2012 assisting AMP with its joint migration project.

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Baker joined BNP Paribas 18 months ago and has over 25 years experience in the industry as managing director with State Street Investor Services for Australia, New Zealand and South-East Asia, covering UK, Middle East and Africa, and Asia ex-Japan.

"Our investment over the last four years has delivered a matured business model, and coupled with our status as the second largest Australian provider by assets under administration, we have never been better placed to offer new and existing clients the opportunity to leverage our strength, and I am excited to take on this new role," he said.

BNP Paribas chief operating officer for its security services in London, Michelle Crosbie, has taken on the role of chief operating officer for Australia and New Zealand. She has over 25 years experience, including leading operations for JP Morgan World Wide Securities in Australia.