Asset Servicing

J.P. Morgan recruits new head of global custody from Deutsche

Mike Hughes was named head of global custody at J.P. Morgan Chase, according to an internal memo provided to Pensions & Investments.

Mr. Hughes will begin in the post later this week, according to the memo from Chris Rowland, J.P. Morgan's global head of custody, who oversees the bank's global custody, direct custody and trust and fiduciary businesses.

Mr. Hughes replaces Matthew Bax, who was named head of European custody and fund services sales for Citigroup earlier this month.

Mr. Hughes was global head of strategic execution for Deutsche Bank's global securities services business. Officials at Deutsche Bank would not comment on Mr. Hughes' replacement.

The move comes 18 months after J.P. Morgan Chase hired Tim Fitzgerald as head of global fund services. Mr. Fitzgerald had been in that same role at Deutsche Bank and some of his duties had been assumed at Deutsche by Mr. Hughes.