The former Australian head of JPMorgan Worldwide Securities Services, Tony Winwood, has taken a senior operational role at another custodian.

Winwood will start as head of operations for BNP Paribas Securities Services (BNP PSS) on January 21, reporting to Jean-Marc Pasquet, managing director and head of Asia-Pacific for the business. After leaving JP Morgan in early 2006, Winwood worked on a contractual basis for ANZ custodian services, undertaking operational restructuring and service improvement tasks. Indicating that a “big plan of improvements”; was being drawn at BNP PSS, Winwood said that fund administrators and service providers were increasingly capable of adding value in their sphere of the investment process. As an example of this, Winwood cited tax optimisation practices, in which custodians can defer, and ultimately reduce, the amount of capital gains tax paid on investment returns, and can help institutional investors handle multi-manager allocations more efficiently. “Superannuation funds are clamouring for this,” Winwood said. In October 2007, then BNP PSS co-head of operations, Darren Booth, left the company after six months in the job. Sue Jorgensen, who stayed on as co-head of operations and was responsible for business change programs and operations architecture, will work alongside Winwood, fulfilling similar duties.

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