BNP Paribas Securities Services has hired Alexandra Ricciardi as head of product development for collateral services in North America, Global Investor/ISF has exclusively confirmed.

The newly-created role extends BNP Paribas’ European collateral franchise to North America, according to a spokesperson for the bank.

Ricciardi will manage the US launch which is expected in the second quarter of this year.

The move is another step in the bank’s plan to expand in the US in order to provide a complete set of services for its clients globally. The bank’s clients in Europe and the Asia Pacific will also be able to access the service in North America once the launch is complete.

Ricciardi joined the bank from JPMorgan Chase where she was vice president for collateral management sales.

Before JPMorgan she worked in prime brokerage at Merrill Lynch and Goldman Sachs.

“BNP Paribas has a very strong collateral management offering in Europe, where we are known for our focus on client service and asset safety.

"Launching this service in the US is an exciting part of our ongoing expansion here, and we are very pleased to bring Alexandra on board, her expertise and energy will help us bring the best product offering to our clients,” said Claudine Gallagher, head of North America, BNP Paribas Securities Services.

BNP Paribas hopes to build on the success of its European collateral services that was enhanced last June with the launch of a new suite of products called Collateral Access.