Raccat joins JP Morgan's custody and fund services business

Raccat joins JP Morgan's custody and fund services business

Former BNP Paribas executive David Raccat is joining JP Morgan's custody and fund services (CFS) business.

Raccat, previously head of global markets services for BNP Paribas Securities Services, will be part of a new unit within CFS tasked with optimising how the business manages risk and capital.

He will move to London to take up the role after having spent two years in Singapore.

JP Morgan's new division will be headed by Patrick Moisy who will be responsible for risk activities, including agent lending, depositary receipts, liquidity and collateral management.

An internal memo reportedly said increasingly complex client demands had prompted CFS to try to optimise how it manages risk, capital, balance sheet and liquidity.

Also on Moisy's team are Stefano Bellani who will continue as head of trading services; Michael Albanese, head of collateral management and Robert Schwartz, head of off-balance sheet cash and liquidity markets. 

The moves come after JP Morgan announced it has secured a $1trn custody mandate with BlackRock in January.

The landmark transaction is among the largest custody deals ever signed. 


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