(Pictured: David Braga)
David Braga, a managing director and head of product for JP Morgan, will become the new chair of the Australian Custodial Services Association, following the retirement from the position of Pierre Jond, the head of BNP Paribas Securities Services in Australia.
As previously announced, Jond is to return to Paris at the end of the year, after four years in Sydney. He will take up the role with the bank of running the corporate trust services business. Peter Baker becomes the new head of the Australia and New Zealand BNP business and Daryl Crich will be the firm’s new representative on the ACSA board. Baker said last week he was hopeful of joining the ACSA board in 2015.
The role of deputy chair and treasurer of ACSA is to be taken up by Christine Bartlett, the head of NAB Asset Servicing. Both Braga and Bartlett have been active ACSA committee members. Paul Khoury, of State Street, steps down as deputy chair, which he has been for two years, and from the ACSA executive committee, which he’s been supporting for five years.
As with other industry groups, the ACSA executive members have had a very busy couple of years because of all the regulatory changes to superannuation introduced by the previous government.
Braga has been “executive sponsor” of ACSA’s regulatory and compliance working group and its Stronger Super taskforce, representing the custody industry’s positions to the various authorities. Braga was previously executive sponsor of the ACSA communications group, a position subsequently filled by Bartlett.
For Jond, his departure from Australia is “bitter sweet”. While he and his family looked forward to returning to their home in Paris, he said, they would all miss Australia. The three children had becoming keen surf lifesavers, for instance. “Australia is a country that gets into your skin,” he said. “I have enjoyed being part of the community… I am also now the Frenchman who knows more about Australian superannuation regulations than any other.”
From the company’s perspective he felt that the time was right for a local person, Baker, to head the business. With the migration of the former AXA-ipac business, BNP became the second-biggest custodian in super during Jond’s tenure and was also successful in winning other new clients. The firm also received its banking licence, which Jond says required a lot of work, and introduced a new global technology platform for Australia.
Of ACSA, Jond said: “An association is only as good as the motivation of its members. We have had people who are fiercely competitive outside the ACSA board room but have worked hard together looking for solutions to industry issues on behalf of ACSA.”