BNP Paribas Securities Services (BNP PSS) has promoted a new head of business development, following the imminent departure of the incumbent to Russell Investment Group.

Former senior BDM, Stephen Tremelling, has taken the elevated role ahead of Ty Thurgood’s departure for Russell, where he will start in Chris Briant’s new institutional business development team from October 1. Tremelling will report to BNP PSS’s new head of sales and relationship management, Ken Shaw, who officially starts his role next Monday after relocating from the custodian’s London office. Briant, the predecessor to Shaw at BNP PSS, said Thurgood’s appointment completed Russell’s wholesale sales team. Working with Laird Abernethy, Paul Taylor and Helen Murdoch, Thurgood will concentrate on Russell’s global hedge fund-of-funds and its Pantheon private equity offering. The managing director of BNP PSS, Jean-Marc Pasquet, said Tremelling deserved his promotion. “;Stephen Tremelling has demonstrated strong commitment and success throughout the sales process and we are very happy to promote him after two and a half years. We sincerely thank Ty Thurgood for his contribution to the development of our business and wish him every success for the future,”; he said.