BNP Paribas' custody arm hires from State Street

BNP Paribas Securities Services has appointed Daniel Cheever as head of securities services for Australia and New Zealand.

Cheever replaces David Banks who will be returning to Europe after a transition period with the new head.

According to the company he is remaining within the business.

Banks, the chief operating officer for the securities services in Australasia, ran the business until a replacement for the previous head David Braga was found.

In this role, Cheever will continue to build on the success of the bank's securities services business in the region and to support its strong institutional client base with services to help them adapt to technology and regulatory change.

He joins from State Street where he spent 24 years holding several senior roles and was most recently head of global services for Australia.

BNP Paribas' custody business said Cheever brings bringing deep operational knowledge and insights to the role.

He will report to Franck Dubois, head of securities services Asia Pacific at BNP Paribas, and Karine Delvallée, chief executive of BNP Paribas Australia and New Zealand.

Dubois confirmed that Australia and New Zealand were very strong and important markets for the custodian.

"We are leading providers to the local superannuation and asset management industry and have been rapidly growing our banks and brokers client base. This is an exciting period as we are at the forefront of several exciting blockchain and data custodian innovations being led from Australia."

For his part Cheever posted on LinkedIn how appreciative he is of his time and experience at State Street.

"I will always look back fondly on the successes that we enjoyed including the development of many employees who have become industry leaders," he said.

"The acquisition of new clients and the creation of products and operating models for those clients was very rewarding work. These experiences have been critical for my leadership capabilities.

"I have met many new people during the job search process and I look forward to growing those new relationships."