Bank of New York and Trust Co. of Australia Ltd. said Monday that they had agreed to a joint venture that will supply securitization trustee and other agency-related services to Australia-based issuers of debt.
Separately, the U.S. banking company said it is expanding its derivatives collateral management product offerings and, as part of this effort, has hired Scott Linden to be a product manager in its broker-dealer services division.
The Australian venture is intended to leverage Trust Co.'s local infrastructure and market presence and Bank of New York's global experience in providing trustee and agency services.
The U.S. company already supplies securitization trustee and agency services to Australian issuers for their offshore residential mortgage-backed securities offerings. The Australian company specializes in trustee and fiduciary services. It is Australia's largest property and infrastructure custodian and a player in the securitization market.
The joint venture, to be based in Sydney, is to begin operating June 1.
Mr. Linden is to be the product manager for Bank of New York's exchange and over-the-counter derivatives collateral management products; he will report to James Malgieri, global product manager of collateral management services in the broker-dealer services division. Mr. Linden has 20 years' experience, including jobs at both Merrill Lynch & Co. and Deutsche Bank AG.
