Chris Taylor will hand over the reins of State Street's regional securities lending business to Tokyo-based Francesco Squillacioti as Taylor heads for London. Taylor is moving over to special projects: or more specifically, the integration of Deutsche Bank's securities lending portfolio following State Street’s acquisition of the German bank's custody business earlier this month.
The acquisition has given State Street access to a greater international client base of securities lenders and adds vital non-US dollar fixed income assets to its portfolio. Once integrated, the custodian is expected to have the world's largest loan book next to competitors Bank of New York, Northern Trust and JPMorgan.
Taylor's job is to transfer each of Deutsche Bank's old clients over to State Street's systems until there is one integrated book under the management of Bob Ash who is the global head of securities lending for State Street outside of the US.
Taylor takes up the challenge on 1 April but has given no indication of how long the transfer process will take. A long-time State Street veteran, Taylor has worked for the bank in London previously. He moves there with his family and newborn daughter.