Chase Manhattan Corp. on Friday appointed Thompson M. Swayne to head its global investor services unit.
Mr. Swayne, 48, is to have responsibility for delivering Chase's custody and investor services to institutional clients worldwide.
He succeeds Richard A. Fama, 53, who is retiring after 28 years with the banking company. Mr. Fama's retirement was planned and is "a personal decision," a Chase spokeswoman said.
Mr. Swayne, an executive vice president and 23-year Chase veteran, had most recently worked with James B. Lee Jr., a company vice chairman, in Chase's global investment banking unit, the spokeswoman said. There he focused on promoting custody, cash management, and trust products to large institutional clients.
Mr. Swayne had also previously worked with James W. Zeigon, who oversees Chase global services. He will continue to report to Mr. Zeigon.
"It's a natural fit. He knows our products," the spokeswoman said.
Chase global investor services sells custody and investment services to institutional investors, including mutual fund companies, insurers, and corporate and public pension funds. The unit services about $5.2 trillion of assets, including $1.9 trillion of "cross-border" assets.
The company has been in the global custody business since 1974 and fields a work force of 5,300. In 1998 it bought Morgan Stanley Dean Witter's global custody business, with $400 billion of assets under administration, in a deal valued at $600 million. Last year Institutional Investor magazine ranked Chase as the largest global custodian for the fifth year in a row.
Mr. Swayne will continue Chase's bid to increase its assets under custody, with an emphasis on increasing international market share, the spokeswoman said. Neither Mr. Swayne nor Mr. Fama was available to comment Friday.