Against a backdrop of severe cost pressure on fund service providers in Asia, ex-BNY Mellon veteran Andrew Gordon will today join rival RBC Investor Services (RBCIS), say sources.
He is believed to have replaced head of Hong Kong sales Brent Reuter, but with an expanded remit for North Asia and other markets. It is understood that Gordon will have a mandate to hire more staff.
He reports to David Travers, Asia-Pacific head of RBCIS, which has $2.9 trillion in assets under administration.
RBCIS was unavailable to comment on the appointment by press time.
Gordon’s most recent role at BNY Mellon was Asia-Pacific head of alternative and broker-dealer services, a post he took up in January 2008 and left late last year, as first reported by AsianInvestor. He had worked for the firm since 1985 and has been located in Asia since 1994.
Reuter remains with RBC but is moving to a new role in the US. He joined what was then RBC Dexia Investor Services in Hong Kong in October 2010 with a remit to deepen penetration of institutional clients in the region.
He had been director of sales in Canada and replaced Scott McLaren, who is now with custody firm Brown Brothers Harriman as head of sales and relationship management for Asia investor services.
When he joined, Reuter had listed his priorities as growing the firm’s Asia client base and helping institutions in Europe and North America with their regional expansion plans.
Not long before Gordon’s departure from BNY Mellon, Stewart Bent had exited Credit Suisse’s prime fund services business unit in the region. The latter’s duties are understood to have been undertaken by existing team members.
Fund administration is generally a low-margin industry and even the biggest players are not immune to a trend of cost-cutting and consolidation. In July, State Street agreed to acquire Goldman Sachs Administration Services, effectively creating one of the world’s biggest hedge fund administrators.