Amit Kohli joins Pirum as EMEA accounts director
Pirum announced it’s hired Amit Kohli in the role of EMEA Key Account Management (KAM) director to help clients utilize the full potential of the Pirum product suite as well as to expand presence in EMEA. Kohli is a senior securities finance expert with more than more than 21 years’ capital markets experience and joins from KPMG, where he helped build the firm’s Capital Markets consulting business serving buy-side, sell-side, and financial market infrastructure clients.
Kohli’s career spans securities borrowing & lending, repo, collateral optimization, and regtech, and he has directed operations, sales, trading and product teams in firms, including Rule Financial (Part of the GFT Group), SunGard Capital Markets, Sumitomo Mitsui Trust International, and Nomura.
Jacob Koopmans, Pirum’s chief revenue officer, said in a statement: “I am delighted to welcome Amit into Pirum’s Key Account Management team. His many professional achievements, including the progression and growth of the capital markets business at KPMG, underscore his exceptional drive and leadership skills, as well as his encyclopaedic expertise in securities finance technology, regulation and products. The way Amit consistently approaches opportunities and challenges through a client-centric lens will be hugely beneficial to Pirum’s clients across EMEA.”
Kohli said in a statement: “I am thrilled to join Pirum and look forward to helping our clients achieve the greatest possible benefits from our industry-leading suite of automation and connectivity products. I have always been impressed by the consistency of Pirum’s reputation, both in terms of its cutting-edge product development and culture of collaboration and transparency. Esteemed private equity investment simply reiterates the credibility and direction of the Pirum brand. I am excited to embark on this new chapter in my career and look forward to working with Pirum’s current and future EMEA clients.”
Cherecwich to take on COO role at Northern Trust amid leadership shake-up
Northern Trust announced a number of leadership changes. Peter Cherecwich, president of Asset Servicing, will become chief operating officer. In this newly created role, Cherecwich will focus on ensuring operational excellence and resiliency, effective risk management and controls, and scalable growth. Cherecwich brings decades of experience in managing complex client relationships and global operations.
Teresa Parker will defer her previously announced retirement and serve as president of Asset Servicing. Parker most recently served as president, Europe, Middle East and Africa (EMEA). She has been based in London, Singapore and Chicago and has held numerous executive leadership roles including chief operating officer for Asset Servicing; head of the Asia Pacific Region (APAC); and global head of Securities Lending.
Steven Fradkin, who has served in a wide variety of leadership roles including president of Wealth Management, president of Asset Servicing, chief financial officer, and head of the international business, will be named vice chair of Northern Trust.
Chief financial officer Jason Tyler will assume the role of president of Wealth Management. Tyler brings a broad range of experience to this role, having served as head of Corporate Strategy, and Asset Management’s head of the Institutional Group.
David Fox, president of the Global Family & Private Investment Offices Group, will serve as chief financial officer. Fox has served in a number of leadership capacities, previously serving as head of the Americas for Asset Servicing and vice chair of Investment Banking at J.P. Morgan. A successor to Fox to serve as president of the Global Family & Private Investment Offices Group will be named soon.
“These changes represent our One Northern Trust strategy designed to optimize growth, strengthen resiliency and drive productivity,” chair and chief exec Michael O’Grady said in a statement. “They reflect the strength of our leaders and depth of our talent practices, and our commitment to continuing to serve our clients with distinction in an ever-changing landscape.”
TMX’s Everett starts new position as innovation head
Steve Everett announced on Linked In that he’s started a new position as chief commercial officer at Canadian Depository for Securities (CDS) and head of Post Trade Innovation at TMX Group. Everett has been with TMX since 2019 in a variety of roles, most recently as head of Business Strategy & Innovation at CDS. Previous to TMX Group, he worked with South Africa’s Strate.
Sharegain appoints J.P. Morgan’s Davis in customer management role
Sharegain announced the appointment of Nick Davis as Senior Customer Success manager. Davis brings over 30 years of expertise in securities lending and financial markets, with a track record in trading and managing client relationships at major financial institutions, including J.P. Morgan, and Morgan Stanley in Hong Kong and Tokyo.
Most recently, as executive director for agency securities lending at J.P. Morgan, he managed international desks and built strong global relationships with banks, broker-dealers, and buy-side clients.
“Sharegain’s mission to open up the securities lending industry to private investors inspired me early on,” said Davis in a statement. “The company’s innovative approach is reshaping the financial landscape, and I’m excited to join the team. Partnering with leading financial institutions, I look forward to delivering exceptional service, driving client success, and supporting Sharegain’s rapidly expanding global client base.”
Anup Patel, head of Customer Success EMEA, said in a statement: “Nick’s deep expertise in client relationship management and the securities lending market will further accelerate our momentum, as well as that of our clients. As we continue to expand our Customer Success team in London, having top talent like Nick is key to scaling our service offerings and enhancing value for our clients.”
Grewal appointed to PASLA board
The Pan Asia Securities Lending Association (PASLA) announced that Gurpreet Grewal has been appointed as an independent advisor to the Board. In this newly created role, she will advise PASLA’s Board of Directors on board management, and governance structures.
She is currently the global head of HR for The Executive Centre and was recently the regional head of HR & Organization – Assicurazioni Generali SpA for its Asian operations. In these roles, she has worked closely with the C-suite leaders in driving the execution of business strategies across all Asia entities. She also held various senior roles at global financial institutions previously, including ABN Amro Bank, HSBC and the Royal Bank of Scotland.
“We look forward to working closely with Gurpreet to accelerate the growth of PASLA as the leading financial industry association that represents the interests of the securities finance market across Asia-Pacific,” PASLA wrote on Linked In.
Commerzbank announces CEO Knof to step down
Commerzbank announced that Manfred Knof will fulfill the current contract by the end of 2025, but will no longer be at the disposal of Commerzbank beyond that date, citing personal reasons. The Supervisory Board will start an orderly search process at short notice.
Supervisory Board chair, Jens Weidmann, expressed regret and respect for this decision and his great appreciation for Manfred Knof’s successful work.
“The entire Commerzbank team has managed the turnaround in recent years with great efforts. The bank now rests on an extremely solid foundation. With Strategy 2027, we have switched to growth. I am proud to have successfully shaped this important path of the bank with the entire management team,” said Knof in a statement.
Weidmann said in a statement: “Without Manfred Knof, Commerzbank would not be as present and relevant today among European banks. Thanks to his clear leadership, the bank was restructured in record time, the business model was clearly reshaped and the bank focused on sustainability. In addition, Commerzbank is once again a sought-after partner for the German Mittelstand and customers abroad, as well as a competent political partner.”
On the same day, Unicredit announced it was taking an equity stake in Commerzbank.
Deutsche Börse Supervisory Board chair Jetter to resign
Deutsche Börse announced that Martin Jetter will resign from his position as chair of the Supervisory Board at the end of the Annual General Meeting 2025.
Jetter said in a statement: “I was appointed to the Supervisory Board in 2018 and elected as its chairman in 2020 and 2024. I became chairman at an eventful time. Next year, I will have led the Supervisory Board for five years and all the challenges that existed and were foreseeable were overcome. The company is stable in terms of personnel and business, and is on the right track.”
“In recent months, a new CEO of Deutsche Börse AG was appointed and, adding to that, the integration of recent acquisitions is proceeding successfully and collaboration with national and international regulators is again exemplary. In the future, I would like to devote more time to my interests in the USA, as well as to the mandates I’m involved in in Switzerland, among others.”
The Supervisory Board will now begin the selection process for Martin Jetter’s successor with handover to take place at the end of the 2025 Annual General Meeting.
Banco de España appoints new governor, deputy governor
José Luis Escrivá was recently sworn as the new governor of the Bank of Spain, an institution to which he returns after a career marked by public management as minister of two portfolios in Spain’s presidency of Pedro Sánchez, writes El Pais. In a recent X post, European Central Bank president Christine Lagarde welcomed Escrivá to his first monetary policy meeting as a new member of the Governing Council.
In addition, Banco de España announced that Soledad Núñez Ramos has been appointed deputy governor, while Lucía Rodríguez will become a member of the Executive Commission and Jordi Pons, member of the Governing Council.
Núñez replaces Margarita Delgado, whose term of office ended. Rodríguez replaces Núñez in the Executive Commission and Jordi Pons will fill the Governing Council vacancy left by Núria Mas in March 2023.
Since 2018, Núñez has been a member of the Governing Council and of the Executive Commission of the Banco de España, where she has also performed wide-ranging duties since 1987, in the Directorate General Operations, Markets and Payment Systems, in the Research Department and in the Directorate General Financial Stability, Regulation and Resolution. She’s also worked for international institutions such as the European Central Bank and the Bank of England.
Rodríguez is an official of the Senior Corps of State Trade Specialists and Economists and has been deputy director Public Indebtedness of the Independent Authority for Fiscal Responsibility, associate deputy Director General Macroeconomic Analysis and International Economics, Director of Aguas de las Cuencas Mediterráneas and of the Spanish National Cybersecurity Institute.
State Bank of Vietnam’s Hong to chair BIS Asian Consultative Council
The Board of Directors of the Bank for International Settlements (BIS) announced the appointment of Nguyen Thi Hong as chair of the BIS Asian Consultative Council (ACC) for a two-year term.
The ACC is a vehicle for communication and coordination between BIS shareholding central banks in the Asia-Pacific region and the BIS on matters of interest and concern to the Asian central banking community. It also provides strategic guidance for the work program of the BIS in Asia and the Pacific.
Hong has been the governor of the State Bank of Vietnam since 2020. She succeeds Perry Warjiyo, governor of Bank Indonesia, who has chaired the ACC since September 2021.
The ACC consists of the governors of the BIS member central banks in the Asia-Pacific region: Australia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
US SEC announces new Investor Advisory Committee members
The Securities and Exchange Commission (SEC) announced six new members to fill vacancies on its Investor Advisory Committee (IAC). The new members, who will serve four-year terms, join 17 current committee members. Established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the IAC advises the SEC on regulatory priorities and initiatives to protect investors and promote the integrity of US securities markets.
“The new members bring valuable experiences to the Investor Advisory Committee. I thank each of them for their willingness to serve, providing the Commission with important perspectives on behalf of investors,” said SEC chair Gary Gensler, in a statement. “I also thank the Investor Advisory Committee’s nominating committee for their diligent work in recommending these new members.”
The newest members of the Investor Advisory Committee are:
- George Georgiev, associate professor of Law at Emory Law School
- R. Craig Knocke, principal at Turtle Creek Management
- Amy McGarrity, chief investment officer/chief operating officer at Colorado Public Employees’ Retirement Association
- Jennifer Schulp, director of Financial Regulation Studies at Cato Institute’s Center for Monetary and Financial Alternatives
- Andrea Seidt at Ohio Securities Commissioner
- Alvin Velazquez, associate professor of Law at Indiana University Maurer School of Law
STAC introduces new head of AI and analytics
The Strategic Technology Analysis Center (STAC) announced that James Corcoran is its new head of artificial intelligence (AI) and Analytics, in an introductory email. In this role, he collaborates with CTOs and senior technologists to evaluate and future-proof their investments, also advising technology vendors on market requirements, according to his Linked In profile.
Corcoran wrote in the email: “In the coming months, I’ll focus on advancing our collective AI initiatives…One key project is STAC-AI and AI Working Group. We have recently posted the final draft spec for our first AI benchmark, focusing on large language model (LLM) inferencing. We believe this is the most comprehensive LLM benchmark available, going beyond the surface to measure critical factors such as model responsiveness, throughput, energy consumption, and cost-performance ratios.”
He added that future efforts will explore retrieval-augmented generation (RAG) workflows, vector databases, and AI ecosystem tools. Beyond AI, STAC’s activity in the analytics domain includes covering risk computations, model backtesting, and tick analytics, with vendors continually innovating their offerings in this space.
Corcoran has a 15-year track record building and scaling data, cloud, and AI platforms. He joins from Kx, where he led product launches, shaped the firm’s cloud and AI strategies, integrated five acquisitions and managed 100+ data and AI implementations.
IBM veteran Sutor joins Nu Quantum as NED amid US expansion
UK-headquartered Nu Quantum announced that Bob Sutor will join the quantum entanglement startup as a non-executive director (NED) on its Board. Sutor was a leader in IBM’s quantum efforts over his 39 year career at the company and is regarded as a leader of the quantum industry globally.
His appointment comes as Nu Quantum expands into the US market and looks to push the quantum industry into its next phase of scalable networking towards greater commercialization after a £7 million ($9.1mn) fundraising round last year.
Sutor is an industry veteran in many edge technologies, including quantum, notably helping lead IBM Research projects and the quantum program for many years. He has been at the forefront of quantum computing since the emergence of the industry.
After IBM, he joined Infleqtion, a neutral-atom quantum technology company anchored in Boulder, CO, and Oxford, UK. In addition to joining Nu Quantum, he is now the vice president and practice lead for Emerging Technologies at The Futurum Group and an Adjunct Professor in the Department of Computer Science and Engineering at the University of Buffalo.
Nu Quantum’s technology and proposition, to network and scale quantum computers into data centers, represents a more mature phase of the industry and shifts the industry in mindset and infrastructure. As part of the Nu Quantum board of directors, Sutor’s industry experience will help guide the company through its expansion and integration with the wider quantum industry.
Nu Quantum’s CEO Carmen Palacios-Berraquero said in a statement: “Bob is a true titan of quantum computing. Having his belief in us and for him to give us his time and connections is a huge step change for us. It could not come at a better time as we look to expand further into the US market and grow as a company.”
Sutor said in a statement: “Nu Quantum represents the required next phase for quantum computing to unlock its true potential. Without quantum networking, we will be limited to small systems that cannot help us achieve Practical Quantum Advantage for the use cases most important to society and industry. After seeing the advances and vision of Nu Quantum to push the technology and industry forward, I am honored to join their journey and mission.”