JP Morgan hires ex-State Street futures clearing head

State Street announced the closure of its derivatives clearing business in March as it looks to refocus on core businesses.

JP Morgan has hired State Street’s former head of its futures commission merchant (FCM) business, according to an internal memo seen by The Trade Derivatives.

Scott Bevier has rejoined JP Morgan as a managing director of its global fund services unit, focusing on “key strategic initiatives include the middle office outsourcing and investment information services product build-out,” Tim Fitzgerald, global head of fund services at JP Morgan said in the memo.

Bevier will work alongside its product development, operations and technology team to build out the middle office offering, the memo stated.

Earlier this year, JP Morgan’s head of corporate and investment bank Daniel Pinto vowed to develop the bank’s middle office outsourcing services by increasing efficiencies and creating a global standard for asset managers.

Bevier’s departure from State Street comes after the custody bank’s announcement it will shut down the FCM business in March as it looks to refocus on core businesses in the face of heightened capital costs.

The business has already seen the departure of Peter Williams, its former global head of futures and options clearing and execution.

Alongside Bevier, two senior futures and OTC clearing salespeople have also joined rival firms, with Sophie Clayton joining RBS in London and John Manrique joining BNP Paribas in New York.

A spokesperson for State Street said it does not comment on individual people moves.