People moves: Citi, Exegy, PASLA, Pirum, SEB, SIX, State Street, Tadawul, TD Bank, Tradeweb, WISF

Pirum announces senior leadership appointments

Pirum announced that after eight successful years at Pirum, Phil Morgan has decided to transition from his current role into an advisory position, from which he will continue to support the business. Mark Hale will join Pirum as chief executive officer from October 2024, based in New York and regularly in the London head office.

Hale joins Pirum from Visible Alpha, which he steered over the past four-and-a-half years, including through its acquisition by S&P Global Market Intelligence. Prior to Visible Alpha, Hale enjoyed a 22-year career with FactSet in a number of different leadership roles, including chief operating officer.

Pirum also announced that Ben Challice is joining the executive leadership team as president and chief leadership officer, also serving on the Pirum Board. Challice has been acting as advisor to the Board and is well known to the firm, having previously served as chief operating officer, before returning to the sell-side for seven years as global of Trading Services for J.P. Morgan.

Morgan said in a statement: “The last eight years at Pirum have been hugely rewarding and I am proud of what we have achieved. Pirum is a wonderful business, with a best-in-class team and an extremely supportive client base, and I look forward to seeing Mark and Ben deliver great solutions in the future.”

Challice said in a statement: “It is a great pleasure to rejoin Pirum at this exciting time in the company’s journey. Having previously acted as COO, it has been great following Pirum’s growth trajectory, successful product launches, and expanding global footprint. Phil’s stewardship of the company has been exceptional, and I look forward to working with him again, as well as together with our new CEO, Mark, to deliver for our clients increased accuracy, speed, connectivity and insights across their businesses.”

Hale said in a statement: “I am super excited to take the helm of Pirum, a leading technology partner in securities finance and a company I have admired for some time. I would also like to thank Phil for steering the firm in such a thoughtful manner over the last eight years. Pirum has a bright future, and Ben and I are excited to get started, collaborating with our first-class teams in New York and London, as well as our valued clients worldwide.”

In addition, seasoned securities finance expert Jonathan Hodder will join the EMEA origination sales team. Hodder brings over 25 years of securities finance experience. He joins from Transcend, where he led EMEA Sales & Business Development. Previously, at FIS, Hodder was responsible for leading securities finance and collateral sales in Europe. Hodder’s prior roles also include co-head for Sales & Marketing at Equilend, where he played an instrumental role in expanding the firm’s European presence.

Citi hires Morin as global head overseeing middle office

Citi Securities Services’ Fund Services business announced that Christopher Morin has been named global head of Middle Office and Performance. He is based in Boston and will report to Mike Hughes, head of Fund Services in the Securities Services division of Citi. In this role, he will lead two key business lines offered to asset managers and asset owners and will focus on developing new products powered by data-driven capabilities.

He joins Citi from J.P. Morgan where he was most recently head of Middle Office Product for the Americas and global head of Complex Assets. Prior to J.P. Morgan, Morin was at PIMCO for eight years where he was SVP of Investment Operations and global head of Accounting.

Morin’s appointment follows from another senior hire made earlier this year. John Miller joined the Fund Services business in June as global of Fund Accounting and Administration, also reporting to Hughes. In his role, Miller is driving Citi’s strategy to be a top-tier funds provider with oversight of product strategy, client delivery and technology investments.

U.S. Bank hires Korbas in Global Fund Services division 

U.S. Bank Global Fund Services announced that Lisa Korbas is joining the bank as its new head of relationship management for ETFs. She will be responsible for developing, maintaining and executing relationship strategy with a focus on client satisfaction for ETF clients

In this newly created role, Korbas will be responsible for developing, maintaining, and executing relationship strategy with a focus on client satisfaction for ETF clients. Her previous role spans15 years at J.P. Morgan, where she previously held roles in Relationship Management, Alternative Investment product and Middle Office Operations. For the last 10 years, she has been an executive director within sales and relationship management for their Securities Services division.

“Industry and regulatory developments have expanded the types of exchange-traded products that issuers can bring to market and have streamlined the process for launching new funds. The demand we are seeing from clients is higher than ever before and we’re embracing the opportunity for growth in this space by building out our ETF group,” said Jay Martin, president at U.S. Bank Global Fund Services, in a statement. “Lisa has a proven track record of growing revenue and developing strategic client relationships. Her skills align perfectly with our own priorities of driving growth, deepening relationships and delivering best-in-class client service. We’re thrilled to welcome Lisa to the team.”

ETF Stream: State Street promotes Shaw to head of ETF solutions for EMEA

State Street has promoted Ken Shaw to head of ETF solutions for EMEA following the departure of Ciaran Fitzpatrick to JP Morgan, writes ETF Stream. Shaw, previously ETF product development and change manager, will now be responsible for the strategic direction and ETF product capabilities in the region.

He has spent over two decades at State Street, starting out as a senior fund accountant in 1999. Shaw replaces Ciaran Fitzpatrick who left for J.P. Morgan in July. 

Frank Koudelka, senior vice president and global ETF product specialist, was cited as stating: “We are delighted to have appointed Ken as our new head of ETF solutions, EMEA. With over 25 years of experience in the financial services industry, Ken has long been a valued member of the State Street ETF Solutions team. Ken will be responsible for establishing the strategic direction and execution of our ETF product capabilities, driving growth and innovation and providing exceptional client support in the region.”

In February, State Street expanded its Fund Connect ETF portal to clients in Europe and Asia Pacific via upgrades to its application programming interface (API). The group now offers its Fund Connect ETF API to a global client base, having already been available in the US and Canada.

TD Bank names Raymond Chun as CEO in Q2 2025, announces leadership changes

TD Bank president and CEO, Bharat Masrani, announced his intention to retire on April 10, 2025, after 38 years at the bank and more than a decade as CEO.

In line with TD Bank Group’s succession plan, the Board of Directors announced that Raymond Chun, group head for Canadian Personal Banking will be appointed to the Board of Directors and become chief operating officer reporting to Masrani, with responsibility for all of TD’s lines of business.

Chun will become president and CEO after Misrani retires, after which he will continue to serve as an advisor until October 31, 2025.

“Ray is a dynamic leader with a long track record of success across multiple leadership roles. His proven ability to drive change, deliver outcomes, and build strong, high-performing teams will serve him well as he guides TD into the future,” said Alan MacGibbon, chair of the TD Bank Group Board of Directors, in a statement.

Ray Chun joined TD’s management training program in 1992 and assumed increasingly senior roles over the past 32 years. Throughout his career, he has developed strong teams and leaders, delivered exceptional customer experiences, improved the performance and strength of the businesses he led, and designed strategies to enhance competitiveness and performance. Among his various leadership roles, he has served as president of TD Direct Investing, president and CEO of TD Insurance, head of Wealth Management and Insurance, and most recently head for Canadian Personal Banking.

In addition, Riaz Ahmed, head of Wholesale Banking and president and CEO of TD Securities, will retire at the end of January 2025.

“Riaz has made significant and lasting contributions to our success over his many decades of service and leadership,” said Masrani. “He helped to shape TD’s strategy, led key acquisitions, drove growth across multiple businesses, and strengthened our Bank. As head of TD Securities, he integrated TD Cowen and inspired a strong team of leaders to accelerate the development of a North American investment bank with global reach. I want to extend my personal thanks for his close partnership over many years and wish him the very best on his next journey.”

There will also be changes to the senior executive team:

  • Paul Clark, currently executive vice president for Private Wealth Management & Financial Planning, will become senior executive vice president of Wealth Management.
  • Sona Mehta, currently executive vice president for Real Estate Secured Lending, Everyday Banking, Saving & Investing, will become head of Canadian Personal Banking.
  • Tim Wiggan, currently head of Wealth Management and Insurance will become head of Wholesale Banking and president and CEO of TD Securities.

The above leaders will report to Chun effective November 1, 2024, along with: Barbara Hooper, head of Canadian Business Banking; James Russell president and CEO of TD Insurance; and Leo Salom, head of US Retail Banking and president and CEO of TD Bank, America’s Most Convenient Bank.

Along with Ray Chun, the following members of the senior executive team will continue to report to Bharat Masrani:

  • Ajai Bambawale, group head and chief risk officer
  • Melanie Burns, executive vice president and chief human resources officer
  • Greg Keeley, senior executive vice president for Platforms and Technology
  • Jane Langford, executive vice president and general counsel
  • Christine Morris, senior executive vice president for Transformation, Enablement and Customer Experience
  • Anita O’Dell, senior vice president and chief auditor
  • Kelvin Vi Luan Tran, group head and chief financial officerr

“We have a strong bench of senior leaders and will execute a smooth and seamless CEO transition,” Masrani said in a statement “The anti-money laundering challenges we face took place on my watch as CEO and I take full responsibility. In the coming months, I will continue to advance and direct the critical remediation program required to meet our obligations and responsibilities and strengthen our risk and control foundation.”

WISF announces new Boston chapter leads from State Street, Invesco and BBH

Women in Securities Finance announced their new Boston Chapter Leads: Chelsea Grossman, head of US Asset Owner Client Management at State Street Corporation, Bridget McGill, head of Securities Lending Trading at Invesco and Meredith Roderick, head of US Securities Lending Relationship Management at Brown Brothers Harriman.

The original four leads — Christel Carroll, Betsy Coyne, Brooke Gillman and Marney McCabe — helped to organize and develop the Boston Chapter to more than 150 members and formed strong connections along the way since its founding in 2018.

In a joint statement, Carroll, Coyne, Gillman and McCabe said: “What we’ve achieved in the Boston Chapter, we achieved as a team. Working together to create space for underrepresented industry professionals and their allies has been a joy, and we want the next Chapter Leads to have the opportunity to start together and grow together, just as we did. We look forward to watching and supporting Chelsea, Bridget and Meredith advance the Boston Chapter forward.”

Chelsea Grossman joined State Street’s Financing Solutions business in 2010 and currently leads the US Asset Owner Client Management team. She is responsible for existing customer management across the Agency Lending, Prime Services, and sponsored-repo products, contributing to revenue growth and the enhancement of client relationships in the US market. Prior to focusing on the US client base at the start of 2023, she led Sales and Client Management for the Canadian client base, located in Toronto.

Bridget McGill is head of Securities Lending Trading at Invesco. McGill joined Invesco in April 2021 to manage the firm’s securities lending trading capabilities within Invesco Advisers Inc. as the funds’ affiliated lending agent. Prior to Invesco, she was a Vice President at Goldman Sachs within their agency securities lending business. She joined Goldman in June 2013 where she specialized in trading international equities and fixed income as part of their London agency securities lending desk. McGill later relocated back to Boston in 2016 where she broadened her trading coverage to include U.S. equities.

Meredith Roderick is the head of US Securities Lending Relationship Management at Brown Brothers Harriman. In this role, she oversees client engagement and strategy with a focus on growing existing client relationships. She joined BBH in 2007 holding a number of positions across the firm including Corporate Actions Operations with a focus on Securities Lending support, Program Management, Network Management, and Custody Client Service. Roderick is active with the BBH Affinity Network Community and is currently the global co-chair of the Diverse Abilities Allies Network which is dedicated to supporting an inclusive environment for individuals with disabilities and care givers.

Grossman, McGill, and Roderick said in a joint statement: “We are honored to be named as Chapter Leads and to succeed the incredible founding Chapter Leads. We look forward to progressing the Chapter further together and are grateful to the current Leads for championing us.”

Wematch’s Patel to lead PASLA future tech WG

The Pan Asia Securities Lending Association announced that Vinesh Patel will be leading its newly established Future Technology working group. Together with other members of the working group, Patel will continue to drive the association’s advocacy agenda and shape the securities finance industry through the lens of new technologies that enhance transactions and promote interoperability.

Patel is head of APAC Coverage for Wematch based in Hong Kong, and was previously in the Structured Financial Products Group at ICAP.

“Thank you to all our new working group members, and to Vinesh Patel, CFA for stepping forward as our first Future Technology Working Group lead,” wrote Stephen Howard, PASLA CEO, in a LinkedIn post.

SEB announces Board and committee changes

Skandinaviska Enskilda Banken (SEB) announced that chief financial officer Masih Yazdi has decided to leave his position at SEB. He joined the bank in 2013 and will remain until March 2025.

“As a valued member of our Group Executive Committee, Masih has been instrumental in SEB’s value creation and accelerated efforts to future proof the bank. I want to extend a heartfelt thank you to Masih for his extraordinary contributions to SEB over the years, while also wishing him the very best of luck in his next endeavors,” says Johan Torgeby, president and CEO of SEB.

In addition, SEB announced the members of its Nomination Committee:

  • Petra Hedengran, investor, will chair the committee
  • Peder Hasslev from Alecta
  • Johan Sidenmark from AMF
  • Niklas Ekvall from Fjärde AP-fonden
  • Marcus Wallenberg from SEB’s board chair
  • Lars Ottersgård has also been named as additional member 

Juan Flames to lead SIX’s Spanish bourse

SIX announced that Juan Flames will join SIX as head BME Exchanges and CEO BME, representing the SIX business in the Spanish market. He will report to Bjørn Sibbern, global head of Exchanges and member of the SIX Executive Board.

Juan Flames currently serves as vice chair for Capital Markets at Barclays Bank Europe in Madrid, where he manages interest rate and foreign exchange derivatives for corporate and public sector clients and is part of the Capital Market EMEA leadership team. Prior to his current role, Juan Flames held various positions at Barclays Bank in Capital Markets and Investment Banking, both in the UK and in Spain. Previously, Juan Flames spent over a decade at Goldman Sachs in London.

Javier Hernani, who has represented SIX business and BME in Spain until now, will focus his efforts on the business unit Securities Services at SIX. The business unit is a main revenue and profit contributor and operates in a highly competitive environment. Javier Hernani will continue to lead Securities Services as member of the SIX Executive Board, and he will remain in the BME Board of Directors.

“I am delighted to welcome Juan. He brings extensive experience and knowledge of the securities markets in Spain, along with an international market profile that will support the growth and innovation efforts we have been implementing since 2020. I would also like to thank Javier Hernani for his outstanding leadership at BME and look forward to continuing our collaboration,” said Jos Dijsselhof, BME chair and CEO of SIX, in a statement.

LSEG’s Maguire appointed to Tradeweb Board of Directors

Tradeweb announced the appointment of Daniel Maguire to its Board of Directors. He is currently the head of LSEG Markets and CEO of LCH Group. He has been a member of LSEG’s Executive Committee and CEO of LCH since 2017. Maguire initially joined LCH in 1999, and has served in a variety of leadership positions, including as global head of SwapClear, and also as COO. He was based in New York from 2010 until 2014, where he set up LCH’s US operations.

Maguire also worked at J.P. Morgan, before returning to LCH. Throughout his 25 years in financial services, he has contributed to managing regulatory transitions, including the development of CCP and derivatives regulatory frameworks globally in the wake of the 2008 banking crisis. He also supported the implementation of the Dodd-Frank Act; the move from LIBOR to SOFR; and managing changes due to the impact of Brexit on financial markets. He also serves on the Board of the International Swaps and Derivatives Association (ISDA).

Tradeweb CEO Billy Hult, said in a statement: “We’re thrilled to welcome Daniel Maguire to our Board. His deep expertise in derivatives and regulatory matters is impressive, and his leadership experience will be an asset as we continue to grow. I’m confident that Daniel will make a significant impact as we expand our footprint and broaden the boundaries of innovation at Tradeweb.”

Tadawul Group appoints Verbeke as senior director

Walter Verbeke announced on Linked In that he will be taking on a senior director role for Corporate Strategy at Tadawul Group, Saudi’s capital market infrastructure.

Verbeke brings 35 years of international C-suite experience. His background includes working with financial market infrastructure companies, global banks and top-tier consultancies. Most recently, Walter served as senior director of corporate strategy an BNY in London, following a tenure at Euroclear.

Exegy makes two hires for client success team

Market data and trading technology provider Exegy announced that Yewande Sobola and Thomas Gallo will be spearheading its Client Success Initiative. This signifies the successful integration of Enyx and Vela with Exegy, where FPGA technology underpins Exegy’s core offerings.

The program’s main goal is for Exegy to become an extension of clients’ technology and operations teams, enabling them to achieve better business outcomes than they could on their own. The two new senior team members are a crucial part of Exegy’s leadership team and are overseeing the optimization of global support and delivery functions.

Yewande Sobola, global head of Solutions Consulting, brings 15+ years of global experience in the trading technology space. Prior to joining Exegy, she held roles as a senior network engineer at G-Research, and network engineer at Trading Technologies. Most recently, Sobola spent six years as executive director of Sales Engineering at Pico.

Gallo’s experience lies within client success management, having joined Exegy from Pico where he was vice president for Client Success Management & Delivery for over three years. He previously held roles at ITG and Virtu Financial, driving support and coverage across their global product suite. He is now vice president and head of Client Success at Exegy, a role in which he will be spearheading client engagement with the initiative. W

David Taylor, CEO of Exegy, said in a statement: “The successful integration of three major capital markets technology players into one company is an accomplishment not to be underestimated. We brought together not only the technology, but also the cultures and processes that enable us to bring the most value to our clients. We are delighted to have Yewande and Tom on our team to maximize value delivery to our clients. To mark this achievement, we are rolling out a new look and feel of the brand, which embodies the unification of the three companies – Exegy, Vela, and Enyx.”

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