--Cathy Cunningham
Bank of New York Mellon is making a push to expand its corporate trust presence in Australia and Asia. The bank is currently in the process of setting up a new document custody center in Sydney, Australia. Around 40 people have already been hired and BNY Mellon is now looking to continue recruiting and expanding in the region, said Patrick Tadie, executive v.p.
The firm is also looking to expand its footprint in Asia. It already has a presence in Tokyo, but now wants to expand further. "We're looking to grow our presence through the JPM asset swap," Tadie said of the 2006 deal where BNY swapped its consumer and small business operations for JPMorgan’s corporate trust business. He said there will also likely be two or three securitizations carried out in China in the next two to three months, including one credit card deal. Tadie also stressed the increasingly important role of the trustee in today's market environment on a panel yesterday.