According to the announcement, Bonn, an 18-year veteran of State Street, will report to David Puth, executive vice president and head of State Street’s Global Markets business.
State Street’s Securities Finance business covers 32 equity markets and 21 fixed income markets for approximately 450 clients from more than 30 countries. With nearly $2.3 trillion in lendable assets and more than $400 billion in average assets on loan (as of March 31, 2010), the team has trading relationships with 89 of the top 100 global investment managers and operates trading desks in Boston, Hong Kong, London, Sydney, Tokyo and Toronto, according to the firm.
Bonn, age 49, has held a variety of leadership positions throughout his career at State Street, including responsibility for establishing State Street’s broker/dealer subsidiaries in the US, Canada, Japan and the UK. He managed State Street’s equity trading and transition management businesses for 17 years during which time the company became one of the largest transition managers in the world.
He most recently served as global head of sales and client development for State Street Global Markets.
State Street also announced the appointments of Doug Stern and Yvonne Wong to its Enhanced Custody business, the servicing solution for long/short strategies. Launched in 2008 as an extension of State Street’s current securities finance offering, State Street says the unit was developed “in direct response to clients’ need for more efficient and streamlined ways to service long/short and leveraged strategies”.
Stern joins as senior managing director and head of Global Business Development and Client Service for Enhanced Custody and Wong joins as managing director and head of business development for Asia Pacific. The full-service Enhanced Custody solution provides clients with the ability to engage in direct borrowing and financing from their own long positions.