Meet the Nominees

Personal statements provided by the candidates are listed below.

You must vote for seven candidates. Click on the button provided at the end of this page to submit your vote by the deadline. 


Patrick J. Archenhold

(Morgan Stanley) 

Patrick is currently responsible for Securities Lending Trading at Morgan Stanley in EMEA, overseeing single name inventory generation across synthetic and secured financing markets for its prime brokerage and market making businesses. 

Over his 17 year tenure at the bank Patrick has sat on sales and trading desks covering equity and credit financing, delta 1 and corporate actions trading, has championed the firms expansion into new markets and e-trading and overseen the implementation of multiple regulations in the securities lending business.  Prior to joining Morgan Stanley Patrick studied Economics at the University of Manchester. 


Harpreet Bains

(J.P. Morgan)

As a Managing Director with global product responsibility for JP Morgan (JPM)'s Agency Securities Finance business, I welcome the opportunity to bring my professional expertise, alongside my firms resources to the ISLA boardroom, to help shape the future of the securities financing and collateral markets. As a market leading diversified global bank, my voice will represent views as an agent lender, a prime broker and a collateral manager.

With 23 years+ JPM experience spanning across securities lending, asset management and risk functions, I understand product complexity, market impacts and regulations. I have a significant track record of delivering innovation and change and I can provide the leadership that is required to steer the ISLA platform through the evolving landscape and ensure it’s well positioned for future drivers, products and technology.

Since my election to the ISLA board in 2019, I’ve been a committed member: active in sub groups and steering committees, current Chair of the Governance Committee, as well as providing an ongoing diversity, equity & inclusion focus into the association. As a member of the Bank of England’s Securities Lending Committee and co-lead for Women in Securities Finance London which I established in 2019, I am well placed to advocate effectively across a broad array of subjects in order to influence positive outcomes for the industry.

A re-election to the Board will give me the opportunity to continue with my support towards the execution of the agenda underway, as well as contribute to future ISLA strategy. Thank you for your consideration.



Xavier Bouthors

(NN Investment Partners)

ISLA plays a key role in the development of the securities lending industry. I have been involved in ISLA working groups and becoming a member of ISLA Board of Directors is the next step to further contribute to the role of ISLA. My experience in the industry from working at a lending agent to working at a beneficial owner with NN Investment Partners is important to ISLA’s mission.

During the past few years as a beneficial owner with NN IP I have been actively promoting securities lending to beneficial owners highlighting sustainability integration and best practices. Being based in The Netherlands also brings the experience and the perspective of an EU based beneficial owner. Please consider my nomination to the ISLA Board of Directors.

Matthew Brunette

Matthew Brunette

(Norges Bank Investment Management)

My name is Matthew Brunette and I would appreciate your consideration for election to ISLA's Board of Directors. Norges Bank Investment Management has the task of managing Norway's natural resource wealth for both current and future generations. The fund is invested in around 9,000 companies across 70 countries.

Securities lending is an important part of our investment strategy at NBIM and is also seen as a necessary component of well-functioning markets. As a long-term investor we therefore have a vested interest in promoting industry initiatives that make the product and market more robust and sustainable.

Personally, I have 20 years of experience here at NBIM, not just in securities finance, but also across equity trading and portfolio management. I have a keen interest in the risk management aspects of securities lending, and in ensuring these are understood and anchored across any lending program and its stakeholders. I am eager to take a more active role in the industry and hope that I can help facilitate a constructive dialogue to both expand the representation behind ISLA's initiatives and strengthen the industry as a whole.


Ina Budh-Raja

(Bank of New York Mellon)

With 20+ years' experience as a Securities Finance lawyer and roles in regulatory affairs and product strategy, spanning agency lending, principal SBL, collateral management, reinvestment, I have a holistic appreciation of market drivers impacting the Securities Finance value chain. Leveraging knowledge of product, legal and regulatory frameworks, I have influenced, contributed to and advocated for the future vision and strategic growth of the industry and represented the long-term interests of all stakeholders. Key focus on enhancing governance, promoting best practice, building trust in this market and minimising regulatory & reputational risk, to ensure a sustainable, dynamic, forward-looking Securities Finance industry.

Proven commitment to collaborating for positive market outcomes, as a current ISLA Board Director I helped shape the GASLA strategy, co-chair the ISLA ESG SteerCo and active in the ISLA Risk Oversight and Remuneration Committees. I sit on the Bank of England Money Markets Committee, Bank of England Securities Lending Committee and co-chair the Bank of England Money Markets Code sub-committee, drafting and embedding market best practice standards and supporting transparent regulatory engagement for this market. In parallel, I lead the BNY Mellon Markets ESG agenda globally. An advocate for Diversity, Equity & Inclusion, I established and co-lead Women in Securities Finance London, to promote a diverse, inclusive securities finance industry. Leveraging my connectivity in the market, I am committed to steering ISLA's strategy, for benefit of all market participants, as we navigate unprecedented evolution in our market and rapid transformation through the digital and sustainability agendas.


Colin Bugler

(StoneX Financial Limited) 

I would be honoured to serve on the ISLA Board as a I have been involved in the prime brokerage and securities finance industry for many years. I have extensive experience from large banks, investment banks and broker dealers where I have managed businesses and traded. I have also recently been involved in establishing an agency lending capability through a new StoneX custody platform. My experience has been gained in the UK, US and Canada.

StoneX has an established US sec finance business but in London we are new. We do operate in other areas of asset lending such as the metals markets so as a firm we can bring the perspective of an experienced user and a new market participant. We also are firmly focused on the mid-market fund segment which is different from bulge bracket banks.

I want to contribute to the future of securities lending as it continues to evolve. Evolution will be influenced by the interests of borrowers, lenders, regulators but also by macro concerns such as ESG, gender and race that ISLA must consider. This industry touches an incredible number of stakeholders, and all concerns should be heard. The reputation of ISLA, and the members it represents, is key to all our futures so we must all be diligent in making sure ISLA’s members and the practices of market participants is ethical, legal, undertaken with the highest degree of integrity and to the benefit of all concerned.



Ueli von Burg

(Zürcher Kantonalbank) 

Thank you for your trust in the past elections. It has been an honor and a privilege to work with the very professional and motivated ISLA team and board members. It fills me with pride and joy to look back on the progress and achievements the association has delivered for its members.

As managing director and head of the Cash & Collateral Trading & Management division I'm responsible for the liquidity management of the bank, the CHF short term interest rate products including securities lending and repo as well as the overall collateral management. We have been an active participant in the securities finance market for many years with a broad scope and have accumulated an in-depth understanding for the market.

I hold a Swiss federal diploma in business administration, am a Certified International Investment Analyst and have an executive MBA from the University of Zurich in general management. Furthermore, I am a lecturer on the topics of securities lending, repo and collateral management at the Swiss training center for investment professionals.

The next few years will be critical for our market and the future of the association with a shifting political environment, a consolidating market and geographic factors at play as well as key initiatives in digitalization and ESG further shaping the market. I am committed to continue to add value as a board member by contributing my experience through active participation and by providing leadership, drive and enthusiasm to further enhance ISLA's perception as an important industry association.


Alessandro Cozzani

(Bank of America) 

Head of Equity Funding at Bank of America, responsible for funding and financial resources management. Previously I held roles at Citigroup and Morgan Stanley trading both equity and fixed income financing.

During my tenure we have fundamentally transformed ISLA into a forward looking association with much closer ties to regulatory and industry-wide matters. We have delivered a standardised and clear SFTR reporting regime that helped members’ readiness. With the implementation of CSDR, we listened to members’ concerns and successfully lobbied for the removal of mandatory buy-in for securities lending. The introduction of GMSLA Pledge allows members the flexibility to trade under multiple constructs, which opens up new markets and opportunities.

If re-elected, I will work alongside the other board members to continue our push into the digital agenda, which started last year with Common Domain Model (CDM). I will also continue the work begun last term expanding the association’s cooperation across other financing markets including repo and derivatives. Finally, I will continue to push our social media presence to ensure that we are visible and connected to our membership.

Having served on the Board for the past two terms, I am proud of the association’s many achievements and I feel that I still have more to contribute. As the financing landscape continues to evolve, I pledge to continue to steer our members through some necessary changes that will put us on a strong footing to capitalise on new opportunities.


Ernst Dolce

(AXA Investment Managers)

Ernst is responsible of the trading activity and the development of liquidity solutions using security financing and collateral management for insurance companies, pension funds, alternatives investments and UCITS funds. His mission is to maximize revenue generation and optimize liquidity solutions for the clients. He is in charge of a book of €300Bn lendable assets. His role is also to support the investment management activity by increasing market information transparency and facilitating specific fund / clients’ management strategies.

Ernst joined AXA IM in 2006 as Senior Quantitative Analyst. He gradually took different responsibilities as Senior Risk Manager, Senior Structurer between 2006 and 2013. He became Head of Structuring and Solutions Development in 2013, focusing on multi-assets, alternatives investments and OTC derivatives solutions. Ernst holds a Msc. in Mathematics and Computer Sciences from University Lyon II and a Msc. Financial Engineering from ESLSCA Paris.

Joining the ISLA Board director is a great opportunity for Ernst to bring his expertise and investment experience, as well as it is an opportunity for AXA IM to contribute to the development of the securities lending and leadership of the ISLA across the markets, particularly for the continental European market. AXA IM is one of the top Asset Managers in Europe.

Based on Ernst’s multicultural background, mindset and expertise, we strongly believe that he will be able to contribute to ISLA missions and leadership.


Keren Halperin


For more than two decades, I’ve dedicated myself to capital markets: first, as a trader at a pioneering, algo-trading company; then as a regulator at a major stock exchange; and today, as Deputy CEO of Sharegain, the global capital markets fintech that is democratising securities lending. I’ve witnessed first-hand the importance of ISLA’s work in advocating for securities lending as a force for good for markets and, by extension, communities worldwide. But we still have much to improve in the industry. As Andy Dyson also noted in his recent Reflections of a CEO, the representation gap between women and men remains stubbornly entrenched. When it comes to the tables of senior leaders, this divergence widens to a chasm.

ISLA has already done great work, but I believe it can do even better. Being an Israeli woman, a mother of two girls, a capital markets leader, my superpower is that I find solutions where others see challenges. I will bring a proactive and steadfast commitment to champion the perspectives of the next generation of securities lending experts, innovators, and leaders. Just as Sharegain brings new, high-demand supply to the market, I will harness my positivity and Sharegain’s resources to raise the industry’s profile beyond its current borders. I will work tirelessly to ensure that securities lending evolves more equitably and truly reflects the world we live in today, so that the best and brightest worldwide see a dynamic, cutting-edge, and human-centric industry in which they can grow as professionals and individuals.


Adnan Hussain


As Global Head of the Agency Lending Program at HSBC, I would like to take this opportunity to formally apply to join the ISLA board, as representative of the bank across agency and principal businesses within the Markets and Securities Services division.

I have been an active member of the securities financing industry throughout my career and I am passionate about seeing the function expand by way of new asset classes, countries, regions, and the product itself. In recognizing the fundamental role ISLA plays in helping shape the Securities Finance market, I believe my depth of experience and broad perspective will support ISLA and its members in the evolution of the market in exactly these areas. I joined HSBC in November 2019, within my current role, and have 20+ years of relevant experience.

Most recently, prior to joining HSBC, I worked within BNP Paribas Securities Services, responsible for Market & Financing Services in the U. K along with being Head of Agency Securities Lending globally. Prior to that I held senior roles with RBC and CIBC Mellon in Toronto. I hold a Master of Laws (LLM) from the University of Toronto and am also a Certified Public Accountant (CPA) from Canada. 


Stefan Kaiser


My focus as an ISLA board member has been on partnering with all stakeholders in the industry to educate on Securities Lending and supporting the creation of regulatory regimes that allow Securities Lending to deliver its many benefits to markets and end-investors. In the last board term, I served as chair of the ‘Strategy Committee’ and contributed to many of the initiatives around sustainability and regulatory proposals that impact end-investors. It would be a privilege to serve on the board for another term to drive these initiatives further and to contribute to the growth of the securities lending market.  

At BlackRock, I am responsible for business strategy and regulatory engagement of our Securities Lending business as well as the servicing of our Securities Lending clients in both EMEA and APAC. This includes all Securities Lending client relationships across our Retail, ETF and Institutional client channels. My service with the firm dates back to 2005, including the years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining BGI, I worked for Commerzbank in a variety of positions, including Mergers & Acquisitions, Corporate Banking, Investor Relations and Asset Management in London, Shanghai, Frankfurt and Singapore. I earned a BA degree in finance and an MSc in business management and economics. 


Mathew McDermott

(Goldman Sachs International)

Mathew is global head of Digital Assets. He serves as a member of the Goldman Sachs International Asset and Liability Committee and the Goldman Sachs International Bank Management Committee. Previously, Mathew was global head of Cross Asset Financing. He joined the firm as a vice president in 2005 in the European Special Situations Group in London and was named managing director in 2010.

Prior to joining the firm, Mathew worked at Morgan Stanley in the Securitized Products Group, focusing on structuring, financing and risk management. Mathew is a board member of the International Securities Lending Association.

Mathew earned a BA (Hons) in Accounting and Finance at Nottingham. He has been a member of the Chartered Institute
of Management Accountants since 1999.

I have been at Goldman Sachs for 17 years and have run several businesses where securities finance has been at the heart of those, including my current role as Global head of Digital Assets, where a key strategic focus is on digitising the Securities Finance markets; something the market is starting to embrace.

This enables me to bring a unique, diverse and global perspective to the ISLA board, a board I have been part of for the last three years. Furthermore, working collaboratively across the firm I can bring the expertise and resources of the firm, including Prime Services.

Matt Neville

Matt Neville

(State Street)

Matthew (Matt) Neville is the Head of Agency Lending Trading for EMEA at State Street. Matt is responsible for global clients across equities and fixed income products and has over 20 years securities finance experience spanning both agency and principal trading, sales, collateral management and funding optimisation.
Prior to joining State Street in 2009, Matt held various positions in trading and collateral management at Morgan Stanley and JP Morgan. He is a Chartered Member of the Chartered Institute for Securities and Investment.

Thank you for affording me the opportunity to stand for nomination for the new ISLA Board of Directors. I have worked with many of you across the industry for several years. Whether that be through an Agency or Principal capacity, I have enjoyed collaborating to facilitate mutual business and to try to find workable solutions when faced with more complicated challenges.

Should I be fortunate to be elected to the board, I will continue to work with you to highlight and address the issues that impact our industry as a whole. These include helping with the evolving application of regulatory standards such as CSDR and Basel IV, shaping best practice including enabling market participants to deliver on their ESG principles and pursuing opportunities to open new markets to securities lending. I will also help drive the conversation around the potential value of digital ledger technology and tokenisation which I believe will be an exciting new era for our industry. Thank you for your consideration.


Ed Oliver


I am Managing Director, Product Development at eSecLending. I am a current ISLA Board Member and I am also on the Executive Committee of PASLA. I have been pleased to help facilitate a closer working relationship between the two Associations over the last 3 years and continue to be an advocate for industry associations to work together on issues that affect the whole industry. Over the period of this Board, we have seen this come to fruition on issues relating to best practice on ESG which ultimately has led to the formation of GASLA to continue to address items of relevance to the global securities lending community.

If re-elected to the Board, I will support continued close relationships between the Associations. My other main input to ISLA is as Chair of the Developing Markets Working Group. There is a lot of momentum in establishing best practice in securities lending in the Middle Eastern region and I firmly believe ISLA can play an important role in education and supporting the exchanges and regulators in the region in developing a securities finance infrastructure that will present opportunities for local and offshore investors. As a Board Member I will continue to push for ISLA to be active in assisting with these developments. If re-elected, I look forward to supporting Andy and the ISLA team as they respond to the continued challenges that we face as an industry.


Eicke Reneerkens

(Union Investment)

I was privileged to serve the last five years as a board member for ISLA. The current board has helped ISLA to become even more into a strong and widely-heard organisation that is well known and respected among regulators, market participants and other industry bodies. And I think we’re not done.

An ever changing market landscape, implementation of digital assets and more regulation to come a strong organisation to support market participants and regulators is needed. A well-diversified board plays a critical role in supporting the organisation and setting the tone for future years. For the above reasons I would like to ask for your support and confidence and kindly request for your vote.

Union Investment is one of the leading German fund managers with assets under management of more than 400billion euros. We act as a professional asset management partner to retail and institutional investors serving them in their very best interest.

adam slark

Adam Slark

(Fidelity International) 

Within Fidelity International I manage the firm’s securities lending programme and securities financing activities. I have 20+ years’ experience of financial markets and the asset management industry, with the majority of that time focused on the derivatives and securities financing markets.

Having been Fidelity’s representative at ISLA for a number of years, I appreciate the key role that ISLA plays across the lending industry. I feel passionately that all market participants should be well represented and have a voice, as we navigate significant changes across the industry.

The beneficial owner community is itself a diverse spectrum of differing firm types and interests, of which asset managers are an increasingly important segment. With so much focus currently on potential regulatory change to the lending market, especially in relation to regulated mutual funds, I believe that I have both the experience and knowledge required to make a positive and lasting contribution to the ISLA board.


Dan Sofianos

(BNP Paribas)

I am Head of EMEA Equity Finance Supply at BNP Paribas. I started my career at UBS then JP Morgan before moving to BNP Paribas in 2017. Over a 20 year period I have managed Supply, Hedge Fund Sales Trading and Swap flow desks across multiple regions. This has given me a deep and holistic understanding of our industry, its challenges and opportunities. As a member of the ISLA Board of Directors I would bring my perspective not only as a principal borrower but also as a representative of the European Prime Brokerage and Banking community. I believe my broad range of experience will allow me to balance the needs and considerations of other market participants, wider stakeholders and regulators.

I am a strong believer that as an industry we should remove friction where possible and embrace efficiencies offered by technological innovation. I would welcome the opportunity to be at the forefront of those discussions for the benefit of all members.


Geraldine Trippner

(Société Générale)

After 20 years as a Repo and Cash trader, mostly focused on EURO Govies, I took, in 2013, a 1year break to study public policy and better understand our regulatory environment and drivers. When I returned, I retired from trading and became an engineer, responsible for making Fic Financing pivoting to the new environment and associated challenges. I then aimed to reconcile internal constrains with clients’ needs and specificities, explaining why and how regulation will force the market to evolve. I then move to a Sales position, covering both FIC and EQD, to head Global Market Sales for Financing.

Collateral management, at the heart of the value chain, faces new ESG challenges, in a capital constrained environment. Hence, for 3 years, to develop the Financing franchise, I’ve been interacting with regulation, collateral optimization, “plumbing”, risk modelling, profitability, sustainability and of course clients. To sum up, my role is to create an internal environment that ensure Société Générale is better positioned to answer client’s needs. As a member of the Global Market Sales Exco, I have access to the top management to relay information and get support for our Financing franchise.

I believe that being part of a continental top European Financing player, heavily constrained by scarce resources, with a strong innovative DNA and ESG focus, could add value to the board and help the industry keep on progressing. I would be honoured to serve, leveraging on a long and rich journey that embraced our lending industry in its whole.
Après 20 ans comme trader Repo et Cash, principalement sur EURO Govies, j’ai pris, en 2013, un an sabbatique pour étudier les politiques publiques et mieux comprendre notre environnement réglementaire et ses moteurs. À mon retour, retraitée du trading, j’ai intégré l’ingénierie pour faire évoluer le financement FIC avec la nouvelle réglementation. J’ai ensuite cherché à concilier les contraintes internes avec les besoins et les spécificités des clients, en rejoignant la vente, comme responsable du financement, couvrant à la fois FIC et EQD.

La gestion du collatéral, au cœur de notre chaîne de valeur, fait face à de nouveaux défis, dans un contexte de contraintes de capital. Ainsi, j’interagis avec la réglementation, l’optimisation du collatéral, la « plomberie », la modélisation des risques, la rentabilité, l’ESG et bien sûr les clients. Mon rôle est ainsi de créer un environnement interne qui assure que Société Générale est le mieux positionné pour répondre aux besoins de ses clients. Comme membre de l’Exco Sales de Global Market, j’ai accès au top management pour relayer l’information et obtenir du soutien pour notre franchise de financement.

Faire partie d’un acteur financier européen de premier plan à l’échelle continentale, fortement contraint par des ressources limitées, avec un fort accent sur l’innovation et les facteurs ESG, me semble être un atout pour aider le conseil à continuer de faire progresser l’industrie. Je serais honorée de les servir, en m’appuyant sur un long et riche parcours qui embrasse notre secteur du financement dans son ensemble.

Phil Winter

Phil Winter


I joined Citigroup in January 2020 to head the EMEA Securities Lending Supply Trading desk and previously, worked at Deutsche Bank for 20+ years where I held several wide-ranging Securities Finance roles across London, Tokyo, and Hong Kong - including running Trading Desks in both Europe and Asia.

I have been actively engaged with ISLA for many years and previously served on the Board between 2017-2019, contributing actively on both the Finance Committee and Digital Working Group. The Finance Committee made several substantial changes to the way the association was funded which helped create financial stability for ISLA to significantly grow and subsequently take on many more projects and initiatives on behalf of its members. The efforts of the Digital Working Group ultimately led to the publication of the 2019 “Agenda for Change” white paper that identified a vision for the future of the securities lending industry.

Since March 2020, I have been Chairman of ISLA’s Digital Steering Committee, during which time ISLA developed many of those concepts into reality including establishing a Common Domain Model and digital Clause Library. Additionally, I am a proactive member of several working groups including the Market Practice Steering group and Developing Markets working committee which has been ardently pursuing the evolution of securities lending in the Middle East.

I would very much welcome the opportunity to serve on the new board and continue to use the experience I have gained to good use helping ISLA achieve its goals for the next 3 years.


Voting Reminder:

  • Only the registered Full Member Firm Representative (FMFR) can vote
  • Each FMFR has seven votes in total, all seven votes must be used for a valid submission
  • Only one vote can be given per candidate
  • Candidates may vote for themselves
  • Please do not vote for more than seven candidates
  • Voting must be received by the deadline
  • Voting closes on Friday 14 October at 14:00 BST

If you have any enquiries related to the nominations and/or voting process, please contact