New Head of Commonwealth Custodial Services at Commonwealth Bank

The Commonwealth Bank's Institutional Banking division has appointed Mr Joseph (Joe) Mastrangelo Jr. as Head of Commonwealth Custodial Services Limited (CCSL).

Mr Mastrangelo, an experienced international market professional, will have responsibility for all management aspects of CCSL's business including relationship management, marketing, operations, client reporting, technology and strategic product development for the wholesale and institutional custodial services marketplace.

David Lawler, Institutional Banking's Financial Controller, said Mr Mastrangelo's appointment reflects CCSL's commitment to product innovation across the domestic and international marketplace. "Joe's proven industry experience in master custody and the global custody market uniquely suit CCSL's strategic vision of being a pre-eminent and predominant provider in this business"

Before joining Commonwealth Bank, Joe Mastrangelo spent ten years with Morgan Stanley Dean Witter as a formative member of the Morgan Stanley Global Custody business. Of this time, five years were dedicated to developing and managing Morgan Stanley's Australian and Pacific basin master custody and global custody product. The remaining eight years of Joe's industry experience were spent with Chase Manhattan Bank in various institutional trust roles including global custody relationship management responsibilities servicing the funds management and superannuation community.

Commonwealth Custodial Services Limited offers a wide range of master custody, back office and value added solutions. Assets under administration total over $70 billion across sub custody, master custody and asset administration clients.