BNY Mellon, a US-based asset-management and securities-services firm, has moved Michael Schroeder to Hong Kong as Asia regional manager for broker-dealer services.
Having relocated in late June, he now supports the company's broker-dealer services business across Asia focusing on collateral management and securities clearance. He reports to Andrew Gordon, executive vice-president for broker-dealer and alternative investment services for Asia-Pacific.
Schroeder effectively succeeds Dominick Falco, following the latter's appointment in June as Tokyo-based president and chief executive of Bank of New York Mellon Trust (Japan), BNY Mellon's Japanese trust bank subsidiary.
"[On the collateral management side,] the rationale is that we provide operational efficiency to broker-dealers and to their clients," says Gordon. The firm is seeing a lot of interest from clients in financing balance sheets, he adds, whether through repos, stock loans, bank loans or other forms of public transactions.
BNY Mellon is also seeing strong interest from institutional investors in DM Edge, its margin-management product, from clients looking to outsource their middle-office functions in this area. Gordon cites as one example clients that have entered into a credit-support annex and require regular support in respect of derivatives margin management.
Most of this interest is coming from clients in Australia, Hong Kong, Singapore and Tokyo, says Gordon, but there is also firm interest in other financial centres, including Kuala Lumpur, Seoul and Taipei.
Schroeder's move follows the hire of David Brown to the broker-dealer sales team last month, and Gordon says the firm is making further additions.
Schroeder has 20 years of experience in the securities industry, including 16 years in broker-dealer services. He joined BNY Mellon's New York office in 1993 and has been involved mainly in product development and product management. He has played a lead role in the launch of the company's global tri-party repo and collateral management service and ongoing development of this platform.
BNY Mellon is a major provider of tri-party collateral management services, servicing $1.5 trillion in tri-party balances worldwide.