BNP Paribas Securities Services Ltd. has hired the former managing director of State Street Corp. in Australia, Peter Baker, to develop business with fund managers.

Baker will manage BNP Paribas’ existing relationships with fund managers and help win contracts from new clients, says Ken Shaw, head of sales and relationship management for BNP Paribas in Australia.

Baker managed the product development, distribution and profit and loss of State Street’s custody, fund accounting, client and administration services in Australia.

Fund managers account for about half of the $261 billion held by BNP Paribas in custody assets, Shaw says. BNP Paribas recently beat State Street to become custodian of the merged AMP and AXA Australia business. Tyndall Investment Management also appointed the custodian in June.

Baker replaces Barry Dench, who moved to Auckland to lead BNP Paribas’ custody business in New Zealand.