State Street has appointed Staffan Ahlner as global head of Collateral+, a part of the bank’s funding and collateral solutions group.
Ahlner previously led BNY Mellon Markets’ global collateral management business as part of a 22-year career with the bank.
State Street says Ahlner will enhance the Collateral+ team to build on the its core collateral management capabilities and develop future collateral management solutions.
He will report to Gino Timperio, head of funding and collateral solutions for State Street Global Markets.
Elsewhere, Yalini Isweran joins State Street from BNY Mellon’s strategy team to focus on product innovation and business development for the bank’s suite of global financing and collateral solutions.
Isweran will now develop solutions that aim to address the collateral, trading and liquidity challenges of State Street’s clients.
At State Street, they join James Day, who swapped BNY Mellon for State Street in September.
Day, based in London, is responsible for delivering new products, managing regulatory change and providing business solutions and reports to Martin Tell, global head of securities finance.
The latest hires follow State Street's regulatory readiness survey of 300 asset managers in 16 countries which found that 81 percent of those questioned are “unprepared to comply with all facets” of the Uncleared Margin Rules (UMR).
The final two phases of UMR are due in September 2021 and September 2022, respectively, and are aimed at reforming the over-the-counter derivatives market.
“We understand that this is a critical time for buy-side firms of all sizes and that UMR continues to be a pressing challenge, and are very pleased to have Staffan and Yalini joining our team to further strengthen our collateral management capabilities,” says Timperio.
“Their strategic experience across multiple markets will bring immediate value to our clients who are seeking to optimise their assets.”
