J.P. Morgan Worldwide Securities Services (WSS) today announced the appointment of Laurent Vanderweyen to the new role of Head of Worldwide Securities Services in Luxembourg. Mr. Vanderweyen will also serve as Managing Director of the board for J.P. Morgan Bank Luxembourg S.A.
Mr. Vanderweyen’s expanded responsibilities include driving business development and providing business leadership while managing key clients and maintaining relationships with local regulators. Additionally, Mr. Vanderweyen will be responsible for overseeing local corporate functions and infrastructure.
Mr. Vanderweyen was previously General Manager of J.P. Morgan Bank Luxembourg S.A. and Head of WSS Operations for Luxembourg, where he led the local teams in developing J.P. Morgan’s global footprint across its fund accounting and transfer agency departments.
Commenting on the appointment, Francis Jackson, Market Executive, Worldwide Securities Services, EMEA, at J.P. Morgan, said: “Luxembourg is a key market for J.P. Morgan, having surpassed $500 billion in assets under custody. Given the significance of the market, it is vital that we have a strong leadership team on the ground and Mr. Vanderweyen’s experience, combined with his local market knowledge, is second to none. It will be a considerable asset in further establishing J.P. Morgan as the leading securities services provider in Luxembourg.”
Mr. Vanderweyen added: “Luxembourg offers huge potential for J.P. Morgan, our clients and the asset servicing market more generally. I am pleased to be leading J.P. Morgan Worldwide Securities Services in Luxembourg and look forward to continuing to build on the success of the business as we capitalise on the growth opportunities the market and our established expertise afford.”
J.P. Morgan’s Luxembourg assets under custody stood at $533 billion and assets under administration were $405 billion, and the custodian holds an 18% share of the Luxembourg market, according to Lipper. Lipper has recognised J.P. Morgan as the largest custodian in Luxembourg for the last 11 years.
J.P. Morgan has been in Luxembourg for 37 years. The bank employs over 600 staff along with more than 100 people employed at J.P. Morgan Asset Management in Luxembourg; this makes it the largest J.P. Morgan location in continental Europe.