Former State Street Australia head David Travers has, just days after being made redundant, become local head of the rival custodian whose major client he spent much of last year trying to win.
Travers started January 7 as managing director of RBC Dexia Investor Services Australia, whose foundation client Perpetual Investments was, according to many industry observers, the subject of serious overtures from State Street last year.
The vacancy at the top came about because Scott MacDonald, who has run the Australian operation since January 2007, will after January 29 return home to Canada to take another senior position within RBC Dexia. The exact position is yet to be disclosed.
Travers ran State Street’s investment services division from 2004 until he was laid off in early December, as part of a bid to reduce headcount by 1600-1800 globally.
RBC Dexia bought Perpetual Investments’ backoffice as a means of entry to Australia in 2002, and to this day performs all the manager’s administrative functions apart from unit registry.