We speak with Patrick Hayes, Global Head of Alternative Investors, BNP Paribas’ Securities Services, as he shares his diverse experience working in the sector, his typical workday and his advice to those aspiring to work in a leadership role in Ireland’s funds and asset management sector.
Prior to joining the Securities Services division at BNP Paribas back in 2016 as the Regional Head of the UK and Middle East, I had already accumulated over 25 years of experience at State Street. My most recent role there was Senior Managing Director of International Fund Services Ireland from 2007, overseeing the EMEA Hedge Fund Services business for nine years. I also held various senior positions, including Head of UK Global Markets Operations and leading fund accounting and operational teams in the UK. In addition, I spent just under two years as Head of Global Relationship Management for Global Fund Services clients at Northern Trust before returning to State Street in 2007.
My career naturally progressed in line with the rapid growth of hedge funds and private capital markets. These evolving markets sparked my interest due to their dynamic nature. I enjoy adapting to exciting changes, challenging myself, developing new skills, and leveraging my financial market experience over the years and applying it to the needs of alternative managers.
What I enjoy about my role is that no day is the same, apart from starting with a coffee and a quick read and catch up on the latest news and activity overnight, both within BNP Paribas and in the markets. My days typically contain meetings and strategy sessions with my team, assessing business risks and planning product advancements, alongside interacting with clients to understand their priorities and challenges. Being in a global role, I often have calls in different time zones, across different internal teams to ensure elevated levels of alignment, coordination and communication of our strategy and performance. I strive to achieve a decent work life balance to ensure I have time for family and exercise to stay fit.
It is the interaction with people, whether it is planning, solving problems, discussing career development with our talented workforce, meeting clients, or networking at industry events, that I enjoy the most in my role. Building and nurturing these relationships and having a strong and varied network is what I value the most.
I also like to take some time away from my desk to have face to face conversations on the business topics of the day or for a general catch up. It is important to me to walk the floor and spend time with my teams to understand what their priorities and challenges are or to occasionally simply catch up on the news of the day.
Technology is significantly transforming the way we operate by driving efficiency, transparency, accessibility of data and scalability. It enables real-time data access for clients and their investors for more customised reporting and greater transparency. Enhanced client interaction through digital platforms allows for more personalised services, while also reducing operational risks.
Automation of processes and the use of artificial Intelligence is reducing human error, enhancing accuracy and delivering data more efficiently.
Overall, technology is helping to make fund administration more efficient, accurate, and responsive to cater to the evolving needs of clients and regulators. However, it is especially important to balance investment into technology, alongside investment in people, to ensure our clients get the best experience all-round.
Focus on your leadership skills - inspire, communicate, motivate and above all be authentic. Adapt your leadership style to align your actions with your words to maintain credibility. Encourage open communication within your team for addressing business issues effectively. It is equally important to be approachable and to take the time to understand your team members' motivations and career goals. Inspire them by sharing a clear strategy and action plan. Ensure decisions are based on careful consideration of the facts including legal and regulatory aspects. Regularly review progress, address challenges, and hold yourself accountable.
Ultimately, be genuine and approachable, so that your leadership significantly impacts productivity, motivation, staff engagement, and overall business success.
Looking to begin or advance your career in financial services? From early career to executive education, IOB’s portfolio of over 40 UCD accredited programmes can help you to strengthen your expertise or broaden your skillset. You can find out more about IOB’s programmes here.