MUFG initiates securities lending surge with nine new hires
13 January 2020 New York
Image: Shutterstock
MUFG Investor Services, the global asset servicing arm of Mitsubishi UFJ Financial Group, has fired an opening salvo in its push to be the first Japanese bank to play a leading role in the global securities financing market.
Last week the banking group welcomed Tim Smollen as global head of securities lending solutions, fresh from serving in a similar capacity for Deutsche Bank since 2015.
MUFG today confirmed Smollen will be joined by eight – as yet unnamed – additional hires that the bank says will “support the growth and development of MUFG’s securities lending franchise”.
MUFG was unable to confirm the names of Smollen's new team but it is understood that several members of his Deutsche Bank team will be among the recruits, including Jay Schreyer, former head of agency lending for Europe, the Middle East and Africa, and Asia Pacific, and Anthony Toscano, former co-head of agency lending for North America.
According to the bank, the hires are the latest push "to expand and accelerate the growth of MUFG’s global securities lending programme," which has been active for more than 20 years.
In a statement on the hires, MUFG says Smollen and his team will develop custom solutions to match the various needs of its clients and other third-party clients while sustaining lending performance.
“Bringing Tim Smollen on board to lead our expanding team reinforces our commitment to further growing this business and becoming one of the globally recognised programmes in this space,” explains John Sergides, CEO of MUFG Investor Services.
Sergides adds that part of this strategy will include the bank continuing to invest in “leading technology to keep MUFG the forefront of innovation in securities lending”.
Commenting on his new role, Smollen says: “At a time of global regulatory change, it is important for investment managers interested in securities lending to find a partner they can rely on that is capable of providing consistently high-quality service and stability.
“I am excited to join MUFG Investor Services as it has continuously proven its commitment to innovating with technology and investing in personnel in order to provide clients with the highest quality solutions.”
Last week the banking group welcomed Tim Smollen as global head of securities lending solutions, fresh from serving in a similar capacity for Deutsche Bank since 2015.
MUFG today confirmed Smollen will be joined by eight – as yet unnamed – additional hires that the bank says will “support the growth and development of MUFG’s securities lending franchise”.
MUFG was unable to confirm the names of Smollen's new team but it is understood that several members of his Deutsche Bank team will be among the recruits, including Jay Schreyer, former head of agency lending for Europe, the Middle East and Africa, and Asia Pacific, and Anthony Toscano, former co-head of agency lending for North America.
According to the bank, the hires are the latest push "to expand and accelerate the growth of MUFG’s global securities lending programme," which has been active for more than 20 years.
In a statement on the hires, MUFG says Smollen and his team will develop custom solutions to match the various needs of its clients and other third-party clients while sustaining lending performance.
“Bringing Tim Smollen on board to lead our expanding team reinforces our commitment to further growing this business and becoming one of the globally recognised programmes in this space,” explains John Sergides, CEO of MUFG Investor Services.
Sergides adds that part of this strategy will include the bank continuing to invest in “leading technology to keep MUFG the forefront of innovation in securities lending”.
Commenting on his new role, Smollen says: “At a time of global regulatory change, it is important for investment managers interested in securities lending to find a partner they can rely on that is capable of providing consistently high-quality service and stability.
“I am excited to join MUFG Investor Services as it has continuously proven its commitment to innovating with technology and investing in personnel in order to provide clients with the highest quality solutions.”
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