2012 Top International Operations Executives
2012 TOP INTERNATIONAL OPERATIONS EXECUTIVES:
The More Things Change, The More They Stand Out | DIANA CHAN: Shaking Things Up, In European Clearing | CHRIS REMONDI: Increasing Information, Reducing Risk | NEERAJ SAHAI: Marrying Large-Scale Technology With Boutique Service | KEVIN MILNE: Making an Exchange Succeed By Working With Rivals | THOMAS ZEEB: Gold Standard in Securities Processing | CHRISTOPHER JAYNES: Cutting Out the Custodian Bank | PATRICK COLLE: Going Global, But Not Everywhere | TONY FREEMAN: Targeting Two-Day Settlement
PATRICK COLLE: Going Global, But Not Everywhere
December 20, 2011
“By the way, we are the leader in this space in Europe, so we can help you, explain why it makes sense, how to do it, and we can do it,’’ he said. “So that happened. It was approved by the regulators, so we were allowed to implement it. And we then immediately brought in all of the business of our investment bank. Our investment bank is huge in Hong Kong. And we started bringing in third party clients.”
The sum of that is what made BNP Paribas the largest third-party clearer on the Hong Kong Stock Exchange.
Now it is focusing on helping its asset manage clients bring more UCITS funds to Asian customers. It administers their usage out of Europe, in Luxembourg, and through its transfer agency services collects subscriptions, redemption instructions and processes them. Recently, it picked up its first Chinese asset manager client.
In the U.S., its services will be beefed up, Colle said. But for non-U.S. clients. To support European and Asian clients. “We are not seeking to come to the U.S. to compete against U.S. firms for U.S. local business,’’ he said. “Nobody needs us to do that, frankly.”
How will Colle judge success? By the discipline of metrics, he contends. Revenue, profits, assets under custody, assets under administratation.
But, as the company goes global, it will be global measures that matter. Like global assets under custody. How is that different from plain vanilla assets under custody?
“Global custody assets is when one client gives you a portfolio of assets that are comprised of assets from different countries, but in one single portfolio,” he said. “So it’s one multi-currency account, if you want, coming from one client; as opposed to the sum of mono-country, mono-currency custody.”
And in the end, that captures what really matters: the breadth and depth of a relationship.
“We rarely have all of (a customer’s) business,’’ said Colle. “So satisfying our client is our number one objective, right? Because it’s also the best way to grow your relationships and your businesses.”