State Street Appoints Nicholas Bonn to Lead Its Securities Finance Business
June 24 2010 - 6:34PM
Business Wire
State Street Corporation (NYSE:STT), one of the world’s leading
providers of financial services to institutional investors, today
announced the appointment of Executive Vice President Nicholas
(Nick) Bonn, to head its securities finance business. Bonn, an
18-year veteran of State Street, will report to David Puth,
executive vice president and head of State Street’s Global Markets
business.
State Street’s Securities Finance business covers 32 equity
markets and 21 fixed income markets for approximately 450 clients
from more than 30 countries. With nearly $2.3 trillion in lendable
assets and more than $400 billion in average assets on loan (as of
March 31, 2010), the team has trading relationships with 89 of the
top 100 global investment managers and operates trading desks in
Boston, Hong Kong, London, Sydney, Tokyo and Toronto.
Bonn, age 49, has held a variety of leadership positions
throughout his career at State Street, including responsibility for
establishing State Street’s broker/dealer subsidiaries in the US,
Canada, Japan and the UK. He managed State Street’s equity trading
and transition management businesses for 17 years during which time
the company became one of the largest transition managers in the
world. Bonn most recently served as global head of sales and client
development for State Street Global Markets.
“Nick has a wide range of experience across State Street, having
worked in senior capacities across many of our high-growth
businesses during his nearly two decades with the company. He
combines extensive relationships with our clients and the
consultant community with a deep understanding of the key facets of
the securities industry,” said Puth. “Nick, together with a strong
and deeply tenured leadership team, is well placed to deliver our
clients the securities finance solutions they require in today’s
dynamic market environment.”
Underscoring its commitment to further advancing solutions for
its securities finance clients, State Street also announced today
the appointments of Doug Stern and Yvonne Wong to its Enhanced
Custody business, the servicing solution for long/short strategies.
Launched in 2008 as a natural extension of State Street’s current
securities finance offering, Enhanced Custody was developed in
direct response to clients’ need for more efficient and streamlined
ways to service long/short and leveraged strategies.
Stern joins as senior managing director and head of Global
Business Development and Client Service for Enhanced Custody and
Wong joins as managing director and head of business development
for Asia Pacific. The full-service Enhanced Custody solution
provides clients with the ability to engage in direct borrowing and
financing from their own long positions.
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management, and
investment research and trading. With $19 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at March 31, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street at www.statestreet.com.
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