Brown Brothers Harriman has hired Simon Cleary from Swift to oversee its European funds business.
Cleary joins the bank in a newly-created position as senior vice president and head of fund solutions in Europe and will report to BBH Partner, Jeffrey Holland.
BBH Fund Solutions integrates a range of services such as fund execution, custody, compliance, administration of distribution fees, and fund messaging (ISO15022 and ISO20022). The US bank says the platform now handles some $50 billion in assets, primarily coming from banks and funds-of-funds.
At Swift, Cleary was the director of securities markets responsible for defining Swift’s strategy for the securities business, including SwiftNet Funds in support of investment funds automation.
At its annual Sibos conference held in Australia last month, Swift talked of its plans to restructure and grow the securities business in an effort to gain more traction in the market. The financial messaging co-operative provided no updates on the progress of its SwiftNet Funds solution.
Cleary says he is pleased to be joining a firm that is well-respected in the funds servicing space. "BBH already has a number of high quality product capabilities in the fund solutions area, combined with leading technology and an outstanding level of client service," he says. "From such a strong market position, the potential to work with BBH's top tier client list, and to help these clients with their business goals in a fragmented and challenging funds servicing space represents a truly outstanding opportunity."