State Street Hires BNY's Sporn For Enhanced Custody Role

Apr 27 2017 | 8:36pm ET

Global financial services company State Street has named former BNY Mellon executive Adam Sporn as managing director of business development for enhanced custody.

In his new role, Sporn will be responsible for developing new business opportunities, cultivating existing customer relationships and serving as a product expert, according to a State Street spokesperson cited in an article by Global Custodian. He will report to Jim Bryant, senior managing director of the enhanced custody team. 

Prior to joining State Street, Sporn was head of business development for BNY Mellon’s principal securities finance program, named Borrow Plus, where he was responsible for sales and relationship management and focused primarily on hedge funds and liquid alternatives. Beforehand, he was with Morgan Stanley for eleven years, serving as an executive director in the securities lending division where he built out incremental supply for the firm’s prime brokerage clients through exclusives and enhancement swaps.

State Street is one of the world's largest providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. The company had $29.83 trillion in assets under custody and administration and more than $2 trillion in assets under management as of March 31, 2017.

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