Peter Snodgrass

BNP Paribas Securities Services’ Jean-Marc Pasquet is not the only Australia head for a global custodian to be packing his bags.

Hot on the heels of last week’s announcement that Pasquet would be returning to Paris after three years running the French bank’s custody and investment administration business in Australia and New Zealand, comes the revelation that HSBC Securities Services’ Peter Snodgrass will in January start in a senior Asia Pacific sub-custody role, based in one of the bank’s offshore offices.

The Sydney-based Snodgrass was coy on exactly what he’ll be doing and where he’ll be doing it from, but confirmed that he would travel to another of HSBC’s regional offices in November to start the handover process, and would formally commence his new role in January.

Snodgrass, who worked at Westpac Custodial Nominees for over 20 years before its sale to HSBC in 2006, said he would not be directly involved in appointing his successor in Australia, but noted the bank’s general preference to promote from within.

BNP Paribas Securities Services said Pierre Jond, most recently head of global sales and relationship management, would take the helm of the Australia and New Zealand businesses. Pasquet will return to Paris to head up BNP Paribas Securities Services globally, and will remain as head of the firm’s Asia Pacific businesses.