Venkatesh Rathnam jumps ship from Citi to take over as Standard Chartered Bank's global securities services operations head from David Gilmour.
In his new position, Singapore-based Rathnam oversees a team of 650 responsible for global operations and service delivery of Standard Chartered's clearing, custody and funds administration business. He reports to Patrick Tam, chief information officer in the bank's wholesale banking division.
Former operations head Gilmour takes over as Standard Chartered's north Asia head of investor and intermediate sales. He is credited with successfully building the bank's operations team and support infrastructure during his two years in the position. Gilmour remains based in Hong Kong.
Commenting on his appointment, Rathnam says: "I'm delighted to be joining Standard Chartered. As the global economy recovers, the role of custodians remains ever so important to meet the needs of institutional investors. Securities services in Standard Chartered with a strong franchise and network is well positioned to meet these needs. I am looking forward to working with my colleagues to further enhance the level of service and support provided by securities services".
Rathnam officially joined Standard Chartered from Citi on September 1. Previously, he worked as Asia-Pacific regional head of operations for the US bank's securities and fund services businesses. He has over 20 years experience working in banking product development, operations and technology.
Driving the bank's decision to hire Rathnam is its plans to grow. "Adding management bench strength is a corner stone of our growth strategy," says Tam. "I am delighted to have Venkatesh on board to drive our continuing investment in securities service capabilities and customer service."
Earlier this week, the bank appointed TS Shankar its first southern Asia transaction banking head for bank clients. Standard Chartered cited the increasing importance of southern Asia -- a region stretching from Australia to India -- for the creation of the new position.
Over the last year, the bank has expanded its securities services business with the expansion of full fund services desks to 10-locations in Asia and winning a custody mandate from the Abu Dhabi Securities Exchange.
In the first half, Standard Chartered's transaction banking division, including securities services, reported income of $1.3 billion, up 1.8% year-on-year.