People moves round-up: IAIS, ICE, Morgan Stanley

Morgan Stanley announces Ted Pick as CEO

The Board of Directors of Morgan Stanley announced that co-president Edward (Ted) Pick will become the firm’s chief executive officer, effective January 1, 2024. James Gorman will become executive chair. Pick will also join Morgan Stanley’s Board of Directors at that time.

The bank also announced that co-president Andy Saperstein will become the head of Wealth and Investment Management, and that Dan Simkowitz will become co-president and head of Institutional Securities.

Tom Glocer, lead director of the Board, said in a statement: “Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values.”

Pick said in a statement: “We have a global diversified business with a leading client franchise. Thanks to James’ excellent leadership, our Firm is now well-positioned to succeed across market cycles, and I am excited about the opportunities for future growth.”

Pick has served as co-president of Morgan Stanley for the past two years. As head of the Institutional Securities Group, he oversees Investment Banking, Equities, Fixed Income, Capital Markets and Research. He is also co-head of Firm Strategy.

ICE appoints Edmonds for FIDS segment, King taking over clearinghouses

Intercontinental Exchange announced today that Christopher Edmonds, currently ICE’s chief development officer, will succeed Amanda Hindlian to lead ICE’s Fixed Income and Data Services (FIDS) business segment, a position that will move to ICE’s Atlanta headquarters. The FIDS segment, ICE’s second largest, earned $546 million in revenue in Q2 2023 and $2.1 billion in revenue for the full year 2022.

Edmonds has held several roles at ICE since joining the firm in 2010. He oversaw the company’s Credit Default Swap (CDS) clearing service during implementation of the Dodd-Frank Act, including its designation by the government as a “systemically important financial market utility.” From 2013 to 2019, Edmonds led ICE’s product sales teams in the areas of fixed income, commodities, and financial futures. And, since 2019, he has overseen ICE’s Clearing and Risk teams supporting the company’s six derivatives clearing organizations (DCOs).

In 2015, ICE announced the $5.2 billion acquisition of Interactive Data Corporation, creating the data services business. ICE founder, chair and CEO Jeffrey Sprecher said in a statement: “As Amanda has elected to remain rooted in the New York area, I’m grateful for her service to ICE and confident that Chris, distinguished as one of ICE’s most skillful operators, will lead our FIDS team to new heights as he joins our team in Atlanta.”

“With the addition of new mortgage data products for ICE resulting from our acquisition of Black Knight, this is an exciting and dynamic moment for our business and our expanding roster of customers who rely daily on our technology and feeds,” Edmonds said in a statement. “Going forward, while we have long applied large language models to our user offerings, their broad adoption will accelerate our ability to deliver them an unparalleled user experience.”

As Edmonds assumes his new role, Elizabeth King, currently ICE’s chief regulatory officer and president of the Sustainable Finance business, will add the leadership of ICE’s six clearinghouses around the world and its global risk management team, both part of Edmonds’ prior portfolio at the firm. King joined ICE in 2014 following ICE’s acquisition of the NYSE, where she served as NYSE’s general counsel and corporate secretary until 2022.

Shigeru Ariizumi elected IAIS Executive Committee chair

The International Association of Insurance Supervisors (IAIS) announced that Shigeru Ariizumi, vice minister for International Affairs at the Financial Services Agency (FSA) of Japan, has been elected IAIS Executive Committeechair, succeeding Vicky Saporta, executive director for Prudential Policy at the Bank of England, who has stepped down due to a change in the future direction of her work at the Bank of England.

Saporta said in a statement that over her tenure the IAIS team has “developed and implemented a comprehensive set of international standards for group-wide supervision and macroprudential supervision in the insurance sector, contributing to the maintenance of global financial stability.”

Jonathan Dixon, IAIS secretary general said in a statement: “Under her tenure, the IAIS was the first financial international standard-setting body to publish guidance on climate risk and the first to adopt issues of Diversity, Equity and Inclusion (DEI) as a strategic imperative. With Shigeru we have a senior leader with extensive international experience, and a strong champion of the ICS to navigate the important years ahead and ensure continuity.”

Ariizumi said in a statement: “At a time when the insurance sector needs to be front and center in responding to critical societal challenges like climate change and protection gaps, I look forward to advancing our efforts as a global community of insurance supervisors to be an effective part of a collective response.”

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