Custody and Clearing Business Executive
JPMorgan Chase & Co.
[PNR]

In June 2010, JPMorgan Chase & Co. CEO Jamie Dimon set changes in motion when he named Heidi Miller (No. 1 last year) president of international. Miller was replaced as head of the $7.4 billion-in-­revenue treasury and securities services business by former CFO Michael Cavanagh, who in turn put Nick Rudenstine in charge of custody and clearing. Rudenstine, who had joined JPMorgan Chase in 2003 with an M&A and private equity background, may not have been the conventional choice for an operationally intensive processing business. But Cavanagh was looking for fresh faces and ideas, and Rudenstine, who had served for a time as TSS’s strategy executive, was excited at the chance. “From the outside, custody and clearing doesn’t sound so cool,” he admits. “But from the inside, it’s a fascinating business that is technical and dynamic and involves critical market infrastructure.” JPMorgan Chase has been overhauling the core global custody platform with enhancements designed to make the bank more agile in seizing opportunities. “A lot of this is behind the scenes, but for us it’s the heart of the business,” says Rudenstine, 43. He has also overseen development of a prime custody solutions group, which has 60 hedge fund clients.