Strategic Hires Follow Recent Survey Results that Found a Significant Proportion of Institutions are Behind in their Preparations for the Uncleared Margin Rule
State Street Corporation (NYSE:STT) today announced the appointment of Staffan Ahlner as global head of Collateral+, a part of the Funding and Collateral Solutions group of State Street. Ahlner, who previously led BNY Mellon Markets’ global collateral management business, will enhance State Street’s Collateral + team to build on the company’s core collateral management capabilities and develop future collateral management solutions. Ahlner will report into Gino Timperio, head of Funding and Collateral Solutions for State Street Global Markets.
Additionally, Yalini Isweran has also joined State Street to focus on product innovation and business development for the bank’s suite of global financing and collateral solutions. Isweran, who most recently worked as part of BNY Mellon’s strategy team, will now develop solutions that aim to address the collateral, trading and liquidity challenges of State Street’s clients.
Earlier this year, State Street released survey findings that measured the perceptions, plans and readiness of 300 asset managers and asset allocators in 16 countries around the Uncleared Margin Rules (UMR), which were set in motion in 2008 to reform the over-the-counter (OTC) derivatives market following the global financial crisis. The survey revealed that 81 percent of institutions with a September 2021 (Phase V) or September 2022 (Phase VI) deadline are unprepared to comply with all facets of UMR.1
“We understand that this is a critical time for buy-side firms of all sizes and that UMR continues to be a pressing challenge, and are very pleased to have Staffan and Yalini joining our team to further strengthen our collateral management capabilities,” said Timperio. “Their strategic experience across multiple markets will bring immediate value to our clients who are seeking to optimize their assets.”