JP Morgan is shuffling the ranks of its prime brokerage business, moving its global head, Teresa Heitsenrether, into a new role as head of the bank’s custody and fund services business.

The bank named as her successor Jason Sippel, who headed equities trading for the Americas for JP Morgan since 2012 and previously ran equity derivatives trading for the Americas, according to an internal memo distributed Friday. Under Sippel, revenue for the Americas equities business grew more than 12% a year.