Louis de Montpellier, deputy head of the Bank for International Settlements (BIS) banking department, is switching to the private sector to succeed John Nugée as head of State Street's official institutions group (OIG).

De Montpellier will take up his new post in London at the end of September, with Nugée set to retire in October. Nugée, who founded the OIG at State Street, will remain at the company in an advisory capacity as a strategic consultant for the OIG business, and continue to provide