JP Morgan has announced changes to the key operations executives within its Treasury and Securities Services unit in line with the planned expansion of its business in Australia and New Zealand this year.

Alberto Bambach, the operations executive for treasury and services Australia & New Zealand and worldwide securities services Asia Pacific, has been named head of worldwide securities operations in Dallas, Texas. He continues to report to Dan Kramer, the New York-based global funds services operations executive, and will maintain his responsibilities as global head of the WSS operations reconciliation utility.

Richard Watts, the treasury and securities services business integration and registry manager, assumes Bambach's old position and will join the management team of Jane Perry, the chief executive officer. Bambach's duties in the Asia Pacific will be realigned to Hong Kong, to allow Watts to focus on Australia and New Zealand.

In a statement, Perry said that Bambach's promotion to the Dallas operation is testament to the huge role he played in the development of JP Morgan's Australia & New Zealand and Asian businesses. Watts will have a nine-month handover from Bambach before formally taking over.

JP Morgan is the only firm in the Australian market that can offer the full range of custody services to the region's superannuation sector, helped mostly by its acquisition of ANZ Custodial Services in 2009.