South Street Securities hires Banning as managing director
South Street Securities announced that Corey Banning will be joining the team in the role of managing director. Banning’s career spans 17 years and he was most recently at Royal Bank of Canada (RBC) in positions that include managing a warehouse business secured by Agency and Non-QM residential whole loans within the Central Funding Group.
Banning also played a vital part in expanding products for the structured products discretionary lending business. He began his journey in finance at RBC in the Fixed Income Risk Management group, later transitioning to Portfolio Management where he successfully navigated through post-financial crisis challenges. Previously, he worked for investment bank George K Baum and State Street Global Advisors.
Banning said in a statement: “I am thrilled to leverage my years of experience and expertise in the financial industry to help drive innovation and growth within the company. South Street Securities has a reputation for excellence, and I look forward to being a part of its continued success story.”
PostTrade 360°: BNY Mellon’s head of tokenization joins ECB
Two weeks after announcing his departure at BNY Mellon as head of tokenization, Benjamin Duve disclosed on LinkedIn that he has joined the European Central Bank (ECB) as lead market infrastructure expert in the market infrastructure and payments directorate. He will help the ECB formulate its long term vision for tokenization of money and assets and joins the innovation team led by Holger Newhaus, reports PostTrade 360°.
Previous to BNY Mellon, Duve had been employed at Commerzbank since the beginning of his career, his most recent role being head of digital assets and custody.
Best Execution: Head of SIX Swiss Exchange to leave after 15 years
Christian Reuss, the head of SIX Swiss Exchange, is to depart the firm, according to BEST EXECUTION – with his role temporarily taken over by current head of trading Werner Bürki. His departure comes amid a period of change for SIX Swiss Exchange, which recently brought Bjorn Sibbern on board as its new global head of exchanges, joining from his previous position as head of European markets at Nasdaq in September 2023.
In January, head of equities Adam Matuszewski departed after 10 years with the exchange, recently resurfacing as head of EMEA business development at Citadel Securities. Head of equity sales Europe Adam Sherlock also confirmed his departure, and will be leaving in April 2024 to join ‘smart market’ OneChronos’ new European MTF
Reuss was appointed managing director and a member of the SIX Swiss Exchange Management Committee in July 2013. Prior to joining SIX Swiss Exchange, Reuss was the joint venture CEO of SIX Structured Products Exchange (formerly Scoach), a collaboration between SIX and Deutsche Borse. He has also held positions in the equities division of Goldman Sachs, and at Dresdner Bank.
Wells Fargo’s former chief economist John Silvia becomes advisor to IIAC
The Investment Industry Association of Canada (IIAC) announced that John Silvia, founder of John E. Silvia, Dynamic Economic Strategy, and former chief economist for Wells Fargo will be an advisor to the IIAC. Prior to this, Silvia held positions that included chief economist at Wachovia, Kemper Funds and the US Senate Banking, Housing and Urban Affairs Committee; senior economist for the US Senate Joint Economic Committee; and managing director at Scudder Kemper Investments.
He’s also served on various advisory committees including at the Federal Reserve Bank of Cleveland and Chicago, as well as chair for the Economic Advisory Committee of both the Securities Industry and Financial Markets Association (SIFMA) Economic Advisory Roundtable, and the American Bankers Association.
DTCC appoints Sharon Biran as MD and chief client officer
DTCC announced the appointment of Sharon Biran as managing director and Chief Client Officer. She joins the DTCC Executive Committee and will report to Francis La Salla, president, chief exec and director. Biran succeeds Timothy Keady, who announced he will leave the firm at the end of March.
As CCO, Biran will lead the firm’s global client management and engagement strategy, including sales, relationship management, partners, and marketing and communications. She will also lead DTCC’s Consulting Services business. She brings more than 25 years of senior leadership experience in financial services overseeing strategic client relationships, managing complex global transformation programs and leading large-scale change initiatives aimed at improving operational resilience and organizational effectiveness.
Biran joined DTCC from Accenture where she served from 2017 as managing director and Global Account leader, which entailed leading some of Accenture’s largest and most complex banking and capital markets client relationships. Prior to her combined 13 years with Accenture, she spent 15 years with UBS and J.P. Morgan in a variety of executive roles, which included leading regulatory change programs and driving technology and operations transformation efforts.
La Salla said in a statement: “We’re pleased to have a seasoned executive like Sharon joining DTCC at this critical juncture in our history. Sharon’s deep experience in financial services, senior stakeholder engagement and operational resilience will help us advance our strategy, elevate how we deliver new capabilities and position us as a strategic partner to our global clients and the industry. We thank Tim for his contributions and wish him the very best in his future endeavors.”
Biran said in a statement: “I’m honored to join DTCC and excited to contribute to its mission of enhancing the stability and efficiency of the global financial markets. I look forward to working with the talented team at DTCC and leveraging my experience to further strengthen client relationships, drive innovation and deliver a world-class client experience.”
Northern Trust promotes Paulin into new International Enterprise role, promotes Smith for Global Fund Services
Northern Trust announced it has appointed Gary Paulin to the newly created role of head of International Enterprise Client Solutions. He will focus on strengthening relationships with key Northern Trust clients across Europe, Middle East, Africa and Asia Pacific at the highest levels of their organizations, creating synergies and facilitating access to the bank’s asset servicing and asset management solutions.
“Our clients face diverse challenges from cost to performance to reporting and beyond. To address this, we created this role to closely collaborate with the chief investment officers of both asset owners and asset managers to better understand their comprehensive needs and build strategic solutions leveraging Northern Trust’s full range of expertise and services,” said Asset Servicing president Pete Cherecwich, in a statement. “In this role Gary will seamlessly connect our businesses to efficiently provide Northern Trust’s complete solutions and capabilities to some of the world’s most sophisticated investment organizations.”
“With a 25-year background in senior-level investment research, business creation, asset management, capital markets and asset servicing roles, Gary is well positioned to identify opportunities to utilize our full range of solutions to help clients meet their unique challenges,” said Asset Management president Daniel Gamba, in a statement. “Creating this role will enhance our singular focus on working with clients to optimize their operating models and leverage our constantly evolving global asset servicing and management capabilities.”
Paulin, who served most recently as head of Global Strategic Solutions for Asset Servicing, will continue to be based in London and report to both Cherecwich and Gamba.
In separate news, Northern Trust named Paul Smith as the new COO of its Global Fund Services business. The internal hire will replace Terri Van Praagh, who is retiring after a 43-year career in the financial services industry, reported Global Custodian.
LSF appoints Gabriele Frediani as head of Development and market infrastructure coverage, Europe
The Liquidity and Sustainability Facility (LSF) announced it’s appointing Gabriele Frediani as head of Development and Market Infrastructure Coverage for Europe. In this new role, Gabriele will focus on developing partnerships with European institutions such as CSDs and ICSDs, triparty agents, exchanges, trading platforms and central banks, and more broadly building a solid deal pipeline on the continent.
He has more than 25 years of experience in the financial industry in fixed income and repo. He has notably occupied the positions of head of European Expansion at BondCliQ, Business Development advisor at Absolute Collateral, chief business development officer at Elixium, and head of Markets at MTS. He has also worked as an independent consultant with the World Bank in Africa.
“Now that the LSF is actively closing deals, we are pleased to welcome such a seasoned professional to expand our geographical reach” said David Escoffier, CEO of the LSF Secretariat, in a statement. “The African Sovereign repo market is garnering increased interest and we are keen to contribute to crowding in more private investors from different horizons wishing to participate in it, in particular if they have a focus on African Green, Social and Sustainability Eurobonds.”
“It is exciting to join the LSF at such a stage of its development” said Gabriele Frediani, “I look forward to contributing to the growth and development of its relationships in Europe. I fully adhere to its objectives of supporting the liquidity of African Sovereigns Eurobonds and incentivizing SDG-related investments such as GSS bonds on the African continent and I believe European counterparties can have a meaningful role to play in reaching these targets.”
BCI appoints Weitzel to FIFE team
The British Columbia Investment Management Association (BCI) announced the appointment of Chris Weitzel to senior managing director of the Fixed Income & Foreign Exchange (FIFE) team.
Weitzel joined BCI in 2018 to develop and launch its Funding Program. In 2023, the Funding Program received the highest possible long-term credit ratings from major global agencies and issued its inaugural debt offering which received interest from over 50 global investors. Prior to joining BCI, Chris had more than 25 years of experience in fixed income, foreign exchange, and funding at major global investment banks in Toronto, London, and New York, after several years with the Bank of Canada.
Chris Weitzel takes over the role following the retirement of Chris Beauchemin, who was with BCI for 35 years. Under Beauchemin’s leadership the FIFE team expanded and created new products such as the Corporate Bond Fund, Principal Credit Fund, Funding Desk, and Active FX, which have brought diversification and tremendous value to our clients.
“As we welcome Chris Weitzel into his new role, we recognize [Beauchemin’s] remarkable contributions to date, and we are excited to see the program and team continue to thrive under his leadership,” said Daniel Garant, executive vice president and global head of Public Markets.
Virginia Retirement System hires Brock Bell
Brock Bell announced on Linked In that he’s started a new position as director of Portfolio Solutions and Treasury at Virginia Retirement System. Virginia Retirement System is a pension fund serving over 800k members, retirees, and beneficiaries and manages over $105 billion of total investments across public equities, fixed income, credit, real assets, private equity, multi-asset public strategies, and various other strategies.
Previous to this role, Bell was at Hidden Road as head of Treasury, and multi-asset volatility hedge fund manager Capstone Investment Advisors as senior vice president in Treasury and Portfolio Finance. He’s also held securities financing roles at J.P. Morgan and Morgan Stanley.
SFT: Malaysia’s Lim departs from RBC Investor Services
Joey Lim has departed from RBC Investor Services as manager of securities lending after eight years at the firm, reports Securities Finance Times. Based in Malaysia, she held a number of positions at RBC Investor Services, including supervisor of collateral management for TMS middle office and senior administrator of Trade Capture.
Lim leaves her securities lending role to take on a position within client invoicing. Commenting on her departure via LinkedIn, Lim says: “After eight years, the time has come for me to bid farewell to RBC — my second home. It has been a fruitful journey here as RBC has provided me with plenty of opportunities to grow and learn.”
NeoXam appoints Matthew Greninger as Americas managing director
NeoXam announced the appointment of Matthew Greninger as managing director of the Americas region. Greninger, who started his new position in January, will be spearheading American operations from NeoXam’s New York office. He was previously head of Sales for the Americas region at Duco.
With over 15 years of experience in the financial software industry, Greninger has held several senior roles at data technology firms, having also served as chief revenue officer at Kaiko and VP of Sales at Duco Technology.
Under CEO Florent Fabre’s global management, Greninger will be joining NeoXam’s Group Executive Committee, along with other regional heads. He will be responsible for overseeing profit and loss management and go-to-market initiatives for the Americas region by leading the local team, managing client accounts, increasing new partnerships, and strengthening NeoXam’s local reputation.
Fabre said in a statement: “Matthew Greninger’s arrival as managing director for the Americas and member of the Group Executive Committee is a pivotal moment for NeoXam’s growth in North America. His strategic vision and proven track record will be instrumental in delivering more value to our existing clients, while accelerating our expansion in this strategic market.”
Portfolio BI announce appointment of Jonathan White as CEO
Alternative investment management solutions provider Portfolio BI announced that Jonathan White has been appointed as the new chief executive officer. Jeremy Siegel has agreed to step down as CEO following a five-year tenure.
Most recently, White established Viteos as a tech-centric, powerhouse of operational outsourcing and transformed Intertrust Group’s proposition by bringing its fund and corporate administration together for its clients, resulting in significant growth in profitable revenue, and realized enterprise value, at both firms.
Alan Freudenstein, chair of the Supervisory Board, said in a statement: “[White] will lead us into an exciting new era as we build upon the company’s reputation for market-leading technology.”
White said in a statement: “As CEO, I see my role being focused on providing the talented professionals we have across the business with the tools they need to continue to positively impact our clients.
For over 25 years Portfolio BI has served the global investment management community working across complex asset classes. Clients include 150 top tier hedge funds, asset managers, family offices, funds of funds, and institutional investors representing over $1trillion in AUM.
Raymond James Financial names Paul Shoukry president and CEO successor, announces leadership changes
Raymond James Financial’s Board of Directors announced that as part of its multi-year succession planning process, CFO Paul Shoukry is appointed president of Raymond James Financial. It’s expected that he will become the firm’s CEO sometime during fiscal 2025, following a transition period.
Once the planned succession process is complete, Shoukry would become only the fourth chief executive in the company’s history, and current Chair and CEO Paul Reilly would remain on the board as executive chair. Shoukry will retain his current responsibilities until he transitions to the CEO role.
Shoukry started with Raymond James 14 years ago working for Tom James and Paul Reilly in the Assistant to the Chair program. Serving as the firm’s CFO since January 2020, Shoukry is responsible for the overall financial management of the company, including balance sheet management, financial reporting, investor relations, corporate development, corporate tax, cash management, regulatory reporting, and financial planning and analysis. He oversees the firm’s Bank segment, is a member of the firm’s Executive Committee, and serves on the boards of subsidiaries Raymond James & Associates and TriState Capital Bank.
“Paul has been an exceptional leader and major contributor to Raymond James’ steady growth and financial stability. Serving as the firm’s CFO, as well as overseeing our Bank segment, he has consistently demonstrated that even as we grow, keeping our Private Client Group, advisors and their clients at the center of our business plans, while always embracing our values, will continue to be essential to our future success,” Reilly said in a statement.
As part of the firm’s succession plans, Raymond James is announcing other key leadership changes and appointments. Jeff Dowdle has announced that he will be retiring and stepping down from the COO role at the end of the fiscal year. As part of this change, Raymond James Financial Private Client Group president Scott Curtis will become COO of Raymond James Financial, current Raymond James & Associates CEO Tash Elwyn will become president of the Private Client Group, and Global Equities & Investment Banking president Jim Bunn will become president of the Capital Markets segment. These changes will be effective October 1, 2024, at which time Dowdle will be named vice chair and serve in an advisory role to facilitate a smooth transition.
AI platform Tifin hires BlackRock’s Juniper as CEO of Sage division
Tifin, an artificial intelligence (AI) and innovation platform for wealth, announced the appointment of Brooke Juniper as the chief executive officer of Sage, its AI-driven investment platform that acts as a personalized CIO, helping advisors through quick ideation and actionability for each client and prospect portfolio.
Brooke spent 16 years at BlackRock, where she was most recently head of Digital Engagement, where she set the vision, commercial strategy, and roadmap for Advisor Center, BlackRock’s digital ecosystem and portfolio toolkit serving 100,000+ wealth advisors in the US. In addition, she co-founded and led BlackRock’s US Wealth Portfolio Solutions group, bringing Aladdin analytics to the wealth market and helping to drive an industry-wide shift towards more portfolio-centric engagement.
Vinay Nair, founder and CEO of Tifin, said in a statement: “Brooke’s deep understanding of advisor needs, investments and technology makes her the ideal leader to guide Sage.”
D-Wave bolsters executive team
D-Wave Quantum, which provides quantum computing systems, software, and services, announced expansion of its executive team to boost growth strategy and product innovation.
The two appointments include cloud entrepreneur and IT industry veteran Lorenzo Martinelli as the Company’s first chief revenue officer, tapped to spearhead the company’s commercial expansion into key vertical markets. D-Wave has also promoted Trevor Lanting to chief development officer to lead its product innovation roadmap, spanning D-Wave’s full stack of quantum computing hardware and software solutions.
Martinelli will accelerate the adoption and deployment of D-Wave’s quantum technologies across key verticals, starting with logistics, manufacturing, and government. Over the past 30 years, Martinelli has built a record guiding start-ups from inception to IPO with broad experience from leadership roles at QAD DynaSys, E2open, AristaSoft, Baan (now Infor), Digital Equipment (now HPE) and IBM.
Lanting’s responsibiliities include D-Wave’s product roadmap and initiatives to advance the science of quantum computing. In addition to the Leap real-time quantum cloud service and the Ocean software suite of open source Python tools, he will direct the ongoing development of the Advantage and Advantage2 annealing quantum computing systems, the Company’s gate model computing program, and the interdisciplinary teams focused on performance research and algorithm development. With over 15 years of experience in technology development at D-Wave, Lanting previously served as senior vice president of Software, Algorithms and Cloud Services at the Company.
Alan Baratz, CEO of D-Wave, said in a statement: “The expertise and leadership of these two seasoned leaders will be instrumental in executing our GTM strategy, fueling new commercial opportunities, and advancing our technology innovation as we continue to demonstrate annealing quantum computing’s impact on customers today.”
WSJ: Goldman exec Cohen joins “exodus” of top female staffers
Stephanie Cohen, one of the most senior executives at Goldman Sachs, is joining an exodus of top female talent from the Wall Street firm. Cohen has been tapped for the new role of chief strategy officer at cloud-services provider Cloudflare, according to people familiar with the matter speaking with the Wall Street Journal.