The member of a securities lending team that quit State Street last year to launch an independent firm has re-emerged at a rival custodian after the new company failed to gain traction in the securities finance market.

Michael McAuley, who left the large US trust bank with seven other members of his team in June, including the division's chief Peter Economou, has been appointed by BNY Mellon Asset Servicing in a newly created position of senior business strategist, for the global securities lending business.