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State Street appoints New Head of UK Trustee and Depositary Business

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State Street Corporation (STT) has appointed Mark Westwell as head of its UK Trustee and Depositary business, State Street Trustees Limited (SSTL) subject to regulatory approval. 

Trustee and depositary services are a key aspect of State Street’s value proposition to clients in the UK and the company provides these services for more than 528 funds valued at over GBP254 billion.

In this capacity, Westwell will be responsible for the continued growth and development of SSTL, in accordance with State Street Global Services’ UK strategy. He will be based in London and report to Akbar Sheriff, head of Global Services in the United Kingdom.

“Mark is a well-known figure in the UK financial services industry and is notably credited with leading the industry response to the FCA’s ‘Dear CEO’ letter on outsourcing for asset managers in the UK in 2013,” says Sheriff. “With his knowledge and experience across our business, I am confident that Mark will continue to position State Street at the forefront of trustee and depository services.”

Since joining State Street in 2007, Westwell has held leadership roles in several strategic relationship management positions across the region, served as a director of State Street Trustees Limited, State Street Infrahedge and State Street South Africa Limited. He has also been instrumental in the company’s strategic planning for Brexit and continues to chair the Brexit client communications group in Europe. Prior to State Street, Westwell held various roles at the Bank of New York and JPMorgan Chase including head of insurance EMEA, head of sales EMEA and managing director of the Information Products Company EMEA. Earlier in his career, Westwell spent 15 years at the NatWest Group working in treasury, capital markets and branch banking.

“I am excited to take on this role and lead the business through its next phase of growth,” says Westwell. “Focusing on a strong and effective corporate governance structure will accelerate our ability to serve our clients and help them navigate the complexities of the regulatory environment ahead.”

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