ISLA appoints Waddington as COO
The International Securities Lending Association (ISLA) announced that Simon Waddington has joined ISLA as chief operating officer. Waddington has been in the securities finance industry for over 25 years, holding senior positions at State Street and the Royal Bank of Canada, covering a broad range of roles across trading, product development, sales, and relationship management.
Prior to joining ISLA he was managing director and head of Business Development EMEA for State Street’s Financing Solutions business, which incorporated one of the world’s largest agency lending programs as well as various prime services and repo products.
As part of ISLA’s continued growth and commitment to the long-term development of the industry, he will oversee ISLA’s day-to-day operational activities and the overall management of the business, including growth strategy, financial accounting, operational processes, human resources, and board secretariat.
Andrew Dyson, ISLA’s CEO, said in a statement: “It is a privilege to welcome Simon to the team at such an exciting and pivotal moment for the organization. Simon brings a wealth of experience in overseeing the growth of businesses with hands on involvement in front and back-office functions. These skills, along with Simon’s broad network and relationships within the sector will be of huge benefit to the organization as we continue to grow our regional footprint, support the development of ISLA Americas, and strengthen our member offering over the coming years”.
GLMX hires Jay Epstein and James Day for newly created team
GLMX announced it’s hired two industry veterans, Jay Epstein and James Day, to fill senior roles in the newly created Client Relationship Management team.
Epstein, based in New York, was most recently managing director and senior relationship manager (SRM) at Bank of Montreal where he helped develop a comprehensive firm-wide client strategy and managed a team of SRMs. Prior to this he held several senior roles at global sell-side institutions: he was head of Americas Client Strategy for Equities at Nomura Securities, the COO for the Prime Finance business at Citi and COO for Lehman’s Global Equity sales division.
Day, based in London, recently worked for State Street Bank & Trust where he was head of Securities Finance Product & Strategy, and UK head of Securities Finance. Prior to that, he was the head of Securities Finance EMEA for BNY. James also held roles as head of Stock Loan Trading EMEA and global head of Securities Lending Sales at UBS, and head of Securities Finance EMEA, head of Electronic Equity Execution Product EMEA at Barclays. In addition to the roles, James was a member of the Bank of England’s Securities Lending Committee and an advisory board member of the International Securities Lending Association.
In their new roles, Epstein and Day will act as advocates for many of our key existing clients and will work closely with internal teams to ensure these clients are receiving the award-winning customer satisfaction that differentiates GLMX from its competition. “GLMX’s network of loyal and enthusiastic users recognizes the value our industry leading client service provides as trading technology becomes increasingly integrated in their daily workflow. Jay and James each have more than twenty years of client experience and are exceptionally qualified to maintain the firm’s high standards delivering innovative solutions to clients across all their front end trading needs,” said GLMX President, Sal Giglio.
Over 140 major global financial market participants use GLMX technology to negotiate and execute securities financing transactions (SFTs). As GLMX expands its global footprint and product offerings, development of a dedicated client relationship management function is critical to achieve success at scale. Once clients go live on the platform, there is a responsibility to maintain and grow these relationships so that GLMX continues to execute on its client-centric culture.
Broadridge appoints Pomraning for CPO of trading division
Broadridge announced that Brian Pomraning has been appointed chief product officer Trading & Connectivity Solutions. He will be responsible for leading the global product management organization encompassing the full suite of the fintech’s trading and connectivity products and services.
“Brian brings twenty-five years of leadership experience in the financial services industry covering product management, sales, marketing, and technology,” Broadridge wrote on Linked In.
Two Sigma announces leadership shake-up
Two Sigma announced that John Overdeck and David Siegel, co-chairs and co-founders of the firm, will step down as co-CEOs and appoint Carter Lyons, Two Sigma’s chief business officer and Scott Hoffman, former chief administrative officer and general counsel (GC) of Lazard, as co-CEOs.
Overdeck and Siegel will step away from their day-to-day management roles, but continue lending their deep quantitative investment and technology expertise as co-chairs to ensure that the company remains at the forefront of financial sciences.
Two Sigma was founded in 2001 by Siegel, a computer scientist, and Overdeck, a mathematician, with a focus on bringing technology and data science to investment management. Today, the firm manages around $60 billion in assets and employs approximately 2,000 people globally, two-thirds of whom are in research and development roles.
“Our vision has always been to build a sustainable organization driven by a systematic investment process, a commitment to investing in our people and platform, and an evolution mindset. With their vast experience, complementary expertise, and appreciation for Two Sigma’s unique culture, Carter and Scott will carry this vision forward, guiding the firm to even greater heights,” Siegel said in a statement. “In light of the ongoing advancements in AI, I am more excited than ever about our ability to use our scientific investment philosophy to generate differentiated returns, and I look forward to continuing to be part of this journey for years to come.”
Overdeck said in a statement: “Two Sigma remains at the forefront of groundbreaking research, leveraging advanced technologies and techniques, while attracting the brightest minds across mathematics, science, computer science, and many other disciplines. We deeply value the talented individuals who comprise Two Sigma, as they relentlessly push the boundaries of innovation on behalf of our investors. We are very grateful for the trust our investors have placed in us over our first 23 years and have full confidence in Carter, Scott, and our strong and deep leadership bench as they guide the firm forward.”
Lyons has had a 25-year career in investment management and financial services, and been instrumental in the company’s expansion and diversification during his 13 years at the firm. In this role, he collaborated closely with other company leaders to drive growth across the firm’s Investment Management and Private Investment businesses, including forging new relationships and deepening existing ones, delivering new products and solutions, and broadening the company’s global footprint. Lyons joined Two Sigma in 2011 as head of Investor Relations and was subsequently co-head of Two Sigma Advisers. Carter came to Two Sigma from BlackRock where he was managing director within the Global Client Group’s US and Canadian Institutional team.
Hoffman served as the CAO and GC of Lazard, a global asset management and investment banking firm, until his retirement in September 2023 after a career at the firm that spanned nearly three decades. During his tenure at Lazard, he was instrumental in navigating complex governance changes and positioning the firm for long-term success and stability, which makes him uniquely well-suited for leadership as Two Sigma enters the next phase of its evolution. In that role, Hoffman assumed a broad range of responsibilities, including legal and compliance, internal policies, communications, information security, and internal audit. He worked closely with the firm’s leadership on client matters and as a counselor to Lazard’s board of directors, playing a critical role in M&A and the firm’s IPO on the New York Stock Exchange.
Lyons said in a statement: “It has been extremely fulfilling to work alongside David and John over the past decade, developing innovative solutions for our clients and growing the company into the industry leader it is today. I’m excited for Scott to join the leadership team, and I have no doubt his deep experience and fresh perspectives will help Two Sigma to continue delivering attractive returns and creative solutions for years to come.”
“David and John have built a remarkable firm that has continuously broken new ground in investment management. I look forward to learning from them and partnering with Carter, as well as the entire Two Sigma team, to build on the firm’s progress and momentum,” said Hoffman in a statement.
In connection with today’s announcements, Ali-Milan Nekmouche, chief investment officer of Equities, will take on the additional role of CIO for Two Sigma Investments, succeeding Overdeck in this role. Geoff Duncombe will continue to serve as CIO for Two Sigma Advisers and CIO of Macro.
Hoffman and Lyons, along with Jeff Wecker, the firm’s chief technology officer, and Tim Reynolds, the firm’s chief operating officer, will partner with Nekmouche and Duncombe in driving forward the firm’s investment priorities and future growth. These leaders have collectively been responsible for driving research and technology initiatives, enforcing a strong scientific ethos at Two Sigma.
Reuters: HSBC global sales head Allegra Berman leaving the bank
Allegra Berman, global head of institutional sales at HSBC, is leaving the bank at the end of September, according to an internal memo seen by Reuters. Berman joined the bank in 2013, and took over her current role in 2020, the memo said. Chris Georgs, chief operating officer for institutional sales, will coordinate the bank’s sales activities until a successor is announced.
SFT: Walker joins FIS’ securities finance and collateral business
FIS has appointed Martin Walker as senior product analyst within the firm’s securities finance and collateral business, reports Securities Finance Times. Based in London, Walker will help build out new securities finance platforms.
He will be part of the team headed by Igor Salzgebar, vice president and business executive for FIS Securities Finance Suite, which comes under the FIS Capital Markets Trading and Asset Services division. He joins the team after seven years as head of product for Securities Finance and Collateral Management at Broadridge Financial Solutions and has held a variety of roles at HSBC Global Banking and Markets, RBS, Dresdner Bank and Merrill Lynch.
ECB’s Frank Smets becomes new deputy head of BIS’ MED
The Bank for International Settlements (BIS) has appointed Frank Smets as deputy head of the Monetary and Economic Department (MED) and head of Economic Analysis and Statistics. He will begin his five-year term on 1 December 2024.
Smets joins the BIS from the European Central Bank (ECB), where he is adviser to the Executive Board. Previously he was director general of Economics, adviser to the president of the ECB and director general of Research at the ECB. He started his career at the BIS, where he worked until 1998.
He is a recognized expert on monetary economics and monetary policy and his research includes work on monetary, macroeconomic, financial and international issues, mostly related to central banking.
Smets will be one of two deputy heads of MED, with Gaston Gelos, head of Financial Stability Policy. As previously announced, MED will return to its previous management structure on the retirement of the current head of MED, Claudio Borio, at the end of 2024. The current economic adviser and head of Research, Hyun Song Shin, will assume the role of Economic Adviser and head of MED.
NY Fed appoints Paca to Community Advisory Group
The Federal Reserve Bank of New York announced the appointment of Mendi Blue Paca to its Community Advisory Group. Paca is president and CEO of Fairfield County’s Community Foundation, which has awarded more than $390 million in grants to nonprofits, most of which are in Fairfield County, Connecticut. She joined the Foundation in 2018 and previously served as its chief community impact officer and VP of community impact.
In her previous roles, she served as growth and innovation advisor to the president of Lincoln Center for the Performing Arts; strategy manager at the Center for Effective Philanthropy; and a registered broker and compliance officer at Goldman Sachs. She also served as a summer associate at the law firm Wachtell, Lipton, Rosen & Katz.
The Community Advisory Group is comprised of leaders of nonprofits, community organizations, foundations, and anchor institutions. Its primary goal is to provide the New York Fed, including President John C. Williams, with a real-time view of the economic issues faced by a diverse set of communities and individuals across the Second District.
Former US SEC crypto and cyber chief David Hirsch joins McGuireWoods
David Hirsch, who recently led the Securities and Exchange Commission’s (SEC’s) Crypto Assets and Cyber Unit (CACU), has joined McGuireWoods’ growing securities enforcement and regulatory counseling practice as a partner in Washington, D.C.
Hirsch served as CACU chief in the SEC’s Division of Enforcement, overseeing matters that included first-of-their-kind investigations, resolutions and litigation. He was responsible for recommending and implementing the SEC’s cybersecurity enforcement priorities and played a leading role establishing the agency’s approach to enforcing registration obligations for a variety of crypto asset activities.
Before becoming CACU chief in 2022, Hirsch was counsel to SEC commissioner Caroline Crenshaw. In that role, he reviewed and advised on effectively all enforcement recommendations before the SEC and frequently met with market participants, advocates, media and legislative staff. Hirsch joined the SEC in 2015 as a senior counsel in the Division of Enforcement’s Fort Worth, Texas, regional office. Prior to entering public service, he co-owned a private investigation firm focused on securities fraud matters.
At McGuireWoods, Hirsch will have a broad securities enforcement practice, including advising clients on matters related to cybersecurity and crypto assets.
“Dave’s distinguished career at the SEC — in particular his role as an adviser to commissioner Crenshaw and the head of a unit addressing major issues facing market participants — gives him a unique perspective that will inure to the benefit of our clients,” said Noreen Kelly, McGuireWoods’ deputy managing partner for litigation, in a statement. “He knows how regulators think and has an in-depth understanding of the intricate compliance challenges clients face in today’s market, including with respect to crypto and cybersecurity regulation.”
Robert Muckenfuss, chair of the firm’s Financial Services & Securities Enforcement Department, said in a statement: “Cybersecurity and crypto are rapidly evolving areas of the law and Dave’s unique background and extensive experience in securities enforcement will help our clients stay ahead of the curve.”
Anchored by former SEC and Financial Industry Regulatory Authority (FINRA) attorneys, as well as former high-level federal prosecutors, McGuireWoods manages securities investigations at every stage — from informal inquiries and routine exams through investigations, litigation and appeals — while also serving as trusted advisers on regulatory counseling matters and developing issues confronting clients and the industry more broadly.
“Dave’s arrival is another important milestone in our team’s growth,” said Elizabeth Hogan, co-leader of the securities enforcement and regulatory counseling practice and managing partner of the firm’s D.C. office. “He complements our deep bench of former regulators and enforcement officials and enhances our nationally recognized practice.”
Hirsch said in a statement: “McGuireWoods has a premier securities and regulatory enforcement practice with exceptional lawyers and a well-deserved reputation for innovation. What sets McGuireWoods apart for me is its commitment to providing unmatched client service and how intentional it has been over a number of years in structuring the practice to deliver excellent results.”
SFT: VERMEG appoints Salim in sales exec role
VERMEG has appointed Khalid Salim as a sales executive for the UK and South Africa regions, reports Securities Finance Times.
Based in London, he will report to Jay Mistry, UK, Ireland and South Africa general manager. Salim He joins from S&P Global, where he was director of client management for almost two years.
He previously worked for over eight years at HSBC, where he held a number of senior positions across London and Hong Kong, including as senior vice president for strategic client management held a variety of roles at Deutsche Securities Saudi Arabia, Deutsche Bank, Merrill Lynch and Broadridge.
Investec taps RBC’s Duncan Smith to lead new dedicated European ECM desk
Investec announced further growth in its Investment Banking business with the launch of a new dedicated European Equity Capital Market (ECM) desk as part of its increasing focus on providing specialist services to the mid-market sector. This desk will allow clients to draw upon the full breadth of Investec’s ECM offering through a single point of contact and dedicated product expertise.
It will be led in Europe by new appointee Duncan Smith who joins as head of European ECM, supported by Ben Griffiths who has been with the investment bank since 2019. Smith joins the Bank from RBC Capital Markets where he was head of European ECMs.
Investec has a long-standing ECM specialism, helping companies raise equity at IPO or through a secondary market issuance, or via block trades for individual, trade, private equity and institutional shareholders. Clients have access to deep capital pools in the UK, North American and European markets through Investec’s leading distribution platform, which includes top-ranked research and equity sales teams. Investec routinely deploys its balance sheet to underwrite client deals and de-risk execution.
Carlton Nelson, head of Corporate Broking & PLC Advisory, said in a statement: “The launch of our new dedicated desk builds on Investec’s existing ECM capabilities, centralizing our expertise under Duncan. Bringing in experts like Duncan means that we can offer a range of dedicated and specialist services to our clients, further accelerating our growth in the mid-market sector at a time when we see encouraging signs of a gradual opening of the IPO market.”
Smith said in a statement: “I’m pleased to be joining Investec to lead its ECM business in Europe as we prepare for further equity capital markets activity. I join a franchise that is already well established and well recognized as the UK’s leading mid-market focused investment bank and look forward to further enhancing that expertise.”
The desk launch and the addition of new senior hires position Investec to further strengthen its leading position in a mid-market segment that is underserved by the large global investment banks. It comes as Investec has recently advised on high profile transactions including the admission to trading on AIM of Rosebank Industries and the takeover of Alpha Financial Markets Consulting by Bridgepoint.
Former Credit Suisse “network management stalwart” Trueman joins Taskize
Taskize has appointed Miles Trueman as its new Business Development manager based in its London office. He has over 38 years in the financial industry, including 28 years as director EMEA Network Management at Credit Suisse and then UBS.
In his new role, Trueman will be responsible for driving growth by helping to expand the client base, providing technical expertise, and implementing strategic initiatives. He will also lead new business opportunities and support the alignment of growth efforts with Taskize’s overall business objectives.
This appointment is the latest step in Taskize’s growth journey and comes shortly after the company expanded its US team with the appointment of Rohan Murphy as Business Development manager for North America, who held roles at Morgan Stanley and Goldman Sachs prior to joining Taskize.
James Pike, interim CEO of Taskize, said in a statement: “We are thrilled to have Miles join the Taskize team, bringing decades of valuable experience in network management with him. His industry know-how from his 28-years at UBS/Credit Suisse will support our strategic initiatives and help to drive growth among new clients and our current clients on the Taskize network.”
Richard Hillary leaves J.P. Morgan to head XTX Markets comms
Richard Hillary announced he has left J.P. Morgan’s media relations team to take on a new role as global head of Communications and Brand at XTX markets, a London-based algorithmic trading company. He was with J.P. Morgan for almost nine years in a variety of communications roles and previously worked for Greentarget.