State Street Global Services has concentrated its regional product group in Singapore, making two Sydney positions redundant, including that of long-time senior executive, and a managing director, Paul Toepfer.

Toepfer is a former COO at State Street who has been with the firm for about 15 years. Most recently he headed up the product group locally in Sydney, reporting to Suresh Gopal in Singapore.

Chris Taylor, the head of Global Services (the custody and securities servicing business) in Australia and Global Markets (the treasury and FX business), said that Toepfer was still with State Street and would be looking for a new role within or outside the firm over the next couple of months.

“He’ll probably take some time out and think about the various options,” Taylor said. “He has been a great contributor to State Street over the years.” The other role made redundant was not specified.

Suresh Gopal, a senior vice president and regional head of product and strategic client solutions, is a former State Street COO for Asia ex-Japan, based in Honk Kong, who moved to Sydney in 2009 for a product role for several years before moving to Singapore in 2014.

– G.B.