Ian Perkins has been appointed as acting head of BNP Paribas' custody business in Australia and New Zealand "effective immediately", according to a statement by the company.
Mr Baker left BNP Paribas to head up Mercer's investment operations business earlier this month.
Mr Perkins joined BNP Paribas in January 2014 as head of sales. Before that, he was the co-owner of Morse Consulting Asia Pacific.
Speaking to InvestorDaily, Mr Perkins said it was "business as usual" at within the custody business.
"We've got a strong team in place and it's just onwards and upwards. We wish Peter well in his new role," Mr Perkins said.
"I'm very comfortable with the team I've got. I've only been with BNP Paribas for a relatively short amount of time, but the organisation's been very well known to me for a lot longer than that," he said.