LONDON, June 27 (IFR) - JP Morgan has hired former Deutsche Bank banker Mike Hughes to head its global custody business in London.
Hughes starts this week and will report to Chris Rowland, global head of custody, which also includes the trust and fiduciary businesses.
JP Morgan has been growing the business and earlier this year BlackRock, the world's biggest asset manager, moved over US$1trn of assets from State Street, one of the largest ever shifts in custody assets.
Hughes was most recently head of strategic execution for Deutsche Bank's global securities services business. He has also held senior roles in transaction banking and fund services and managed a number of large fund and custody client relationships, according to a memo sent by Rowland. (Reporting by Steve Slater; editing by Sudip Roy)