Wargo will be responsible for product development and operational strategy for the global custodian’s securities lending solution in North America, a strategy aimed at attracting institutional beneficial owners, for example insurance and pension funds. Mr Wargo and his team will report to Christina Feicht, Head of Market and Financing Services in North America, and John Arnesen, Global Head of Securities Lending, based in London. Wargo joins the bank from Wells Fargo & Company in Short Hills, NJ, where he spent 13 years, most recently as head of trading and investments for securities lending.
This appointment signifies the impending launch of the bank’s US securities lending services with a specific focus on agency lending. Wargo is joined by a team of senior hires who have many years of combined industry experience in securities lending: Michael Saunders, Head of Trading and Investments; Richard Chen, Investment and Credit Analysis; Frank Souder, Investment and Risk Control; Amardeep Singh, IT Technical Leader, Mauricio Padilla, IT Business Analysis, and Travis Bartlett, Operations Specialist. Most of the team comes to BNP Paribas from Wells Fargo – Singh, who also worked at Wells Fargo, spent the nine months prior to coming to BNP Paribas at Deutsche Bank.
Commenting on the appointments, Feicht said: 'We are delighted to welcome Lance and the team to BNP Paribas. They each bring an in-depth understanding of the requirements of beneficial owners and the local product expertise. Their contributions are imperative to achieving our strategy in North America'.
With this addition, the goal is to provide a comprehensive global offer to asset manager and asset owner clients, supporting their business development regardless of where they locate their activity. The launch of agency lending in the US will complement the unit's follow-the-sun product offer in London and Sydney, as well as the products we are still developing for the US market.