People Moves

JP Morgan Worldwide Securites Goes Live In HK, Announces Head

Vanessa Doctor Asia Correspondent 30 October 2012

JP Morgan Worldwide Securites Goes Live In HK, Announces Head

JP Morgan Worldwide Securities Services has launched its direct custody and clearing platform in Hong Kong. 
The launch of the DCC platform is part of the company's global rollout strategy for the division and setting up in Hong Kong complements this plan. The division's current market include Australia, Brazil, India, Ireland, New Zealand, Russia, Taiwan, the UK and the US.
"The firm's global clients will benefit from JP Morgan's extensive local market presence in Hong Kong, operational and risk management practices and access to all local market infrastructures, including exchanges, clearing houses and depositaries," said
JP Morgan Worldwide Securities Services in a statement.
Michael Drumgoogle has been hired to serve as head of direct custody and clearing for Asia-Pacific. Drumgoole joins from SetClear, where he used to be the deputy chief operating officer. Prior to that, he spent 19 years with Citi, most recently as regional product development head for Asia.

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