Two big names in global custody are moving on, it was announced last week – State Street’s, who is to retire later this year, and HSBC’s global sub-custody boss, Colin Brooks, who has left the bank.
Antonellis, 60, is currently the group’s vice chair and head of global services and global markets for State Street’s European and APAC businesses. His role, which he has held since 2010, will be split between executive vice presidents and management committee members Jeff Conway in Boston, for EMEA, and Wai Kwong Seck, in Hong Kong, for APAC.
Antonellis joined State Street in 1991 and held several senior positions. Two notables, before his current role, were head of institutional investor services in the late 1990s, where he oversaw a rapid increase in the scale of that business, and more recently as head of global information technology and operations.
Jay Hooley, State Street chair and chief executive, said: “I feel very fortunate to have worked with Joe for a large portion of his career, and what stands out the most for me is his passion for the business and concern for our clients. These qualities have made him successful in the significant responsibilities he’s held here at State Street… We thank him for everything he’s done to contribute to our growth and wish him the very best for his retirement.”
Meanwhile, Colin Brooks has also ended a very successful 25-year stint in securities services with his bank. Brooks joined HSBC in 1990 to establish the firm’s securities services business based in Hong Kong. He was involved in most aspects of the firm’s evolution in the region, most recently as the global head of sub-custody and clearing.
Industry newsletter ‘Global Custodian’ reported last week that Brooks had left HSBC. Whether or not he has another job to go to is not yet known. His Linkedin profile says: “Pondering next move”. His role will be split between existing HSBC management, it was subsequently announced.
Before joining HSBC in Hong Kong, Brooks was a project manager at the London Stock Exchange. He started out as manager of business systems for the bank in Hong Kong and then became senior vice president of operations before moving into custody and clearing. He had been global head of sub-custody and clearing since 2007.
HSBC is undergoing a massive global restructure, which will see the loss of about 50,000 positions, it was disclosed last week, and the possible relocation of its domicile from London to Hong Kong.
* Greg Bright is publisher of Investor Strategy News (Australia)