In other news, Fidelis Capital launches, SSC Eze Eclipse lands another APAC client, and FINRA’s board of governors picks a new chair.
Davy Capital Markets to Revamp Post-Trade Ops
Dublin-based wealth manager Davy Capital Markets reports that it has become a Torstone Technology customer and will use the Torstone Platform to evolve its post-trade processing operations.
“We have built and maintained our own post-trade platform for many years, and this has served us very well, as it has been designed to our specific requirements,” says Killian O’Connell, chief information officer at Davy, in a prepared statement.
The Davy Group, established in 1926, focuses on wealth management and capital markets, and has more than 800 staff members managing €16 billion of client assets via offices in Dublin, London and across Ireland. The firm joined the Bank of Ireland Group in June.
“Looking ahead, we recognized the need to constantly evolve and future proof our technology stack and, once we decided to buy versus build, Torstone offered the standout solution. As we continue to grow our business and deliver on the needs of our clients, we do so with significant confidence that our post-trade platform has the flexibility and scalability to match our pace of change and the user interface and efficiency requirements of our clients,” O’Connell adds.
The Torstone Platform is a multi-asset, multi-entity, cloud-based solution, covering electronic trade capture, allocation, confirmation, settlement, accounting, corporate actions, reconciliation and regulatory reporting, according to vendor officials.
New Wealth Management Firm Launches
A new wealth management firm, Fidelis Capital, owned by advisors who describe themselves as former rivals, is now open for business. The members of Fidelis Capital previously managed $6 billion in client assets, according to a statement that notes the firm “will offer an improved private banking experience, provided by teams of highly experienced specialists.”
Previously, the Fidelis principals were private bankers from Wells Fargo and Bank of America, according to their statement, which states that they are “seeking to provide a superior private banking experience by surrounding clients with a diverse team of financial specialists who get to know each client personally in order to best provide for their financial needs.”
Fidelis will be based in both Tampa, Fla., and Dallas, Texas, the firm notes.
“Fidelis Capital caters to select ultra-high-net-worth clients. The Fidelis teams will deliver a tailored suite of services to each client, providing access to experts in areas such as investment and specialty asset management, business transition advisory services, wealth, estate, and tax planning, personal risk management, bill pay and reporting, and fiduciary lending services, among others. Fidelis Capital’s highly experienced team of advisors provided thoughtful counsel and advised on nearly $6 billion in client assets at their former employers,” the new firm states.
The advisor team in Fidelis Capital’s Tampa office is led by Matthew Michaels, a 25-year financial services professional, and Paul Ayotte, who has more than 24 years of experience.
“Collectively, we have 200 years of private banking experience and understand that the best way to serve clients is to invest in the specialists that surround those clients with the expertise they need and ensure they have access to the latest technology, the best investment solutions, and other critical tools out there,” adds Matthew Michaels, founding partner and co-chief investment officer CFA, CFP, for Fidelis. “We are committed to partnering with the best specialists across the industry that can help us bring to bear solutions that help our clients in all aspects of their financial affairs.”
The Dallas office will include co-chief investment officer Neale Ellis and President Matthew Ellis, both of whom are founding partners, and relationship manager Libby Castle.
Fidelis Capital handles financial affairs for “under 200 families,” according to its statement. — L.Ch
Fairlight Asset Management to Deploy SSC Eze Eclipse
Fairlight Asset Management, a Sydney, Australia–based global equity manager, will be deploying the Eze Eclipse system from SS&C Technologies for its front-to-back investment management platform, officials say.
An emerging asset manager, Fairlight “is the latest firm to join over 50 asset managers of all sizes leveraging Eze Eclipse in APAC,” according to SS&C, which is a provider of services, systems and solutions for securities operations.
“When we set out to upgrade our existing workflows, we were looking for a provider to help streamline operations and scale business,” says Ian Carmichael, senior portfolio manager and partner at Fairlight, in a prepared statement. “Eze Eclipse fits our needs perfectly. The all-in-one front-to-back solution is helping us optimize our team’s activities and the tightly integrated and easy-to-use compliance engine simplifies managing global portfolios.”
The Eze Eclipse platform has 60 pre-built compliance rule templates that helps firms “build custom rules to accommodate unique restrictions. The system is also helping Fairlight reconcile its full investment book of record daily,” according to officials.
Fairlight Asset Management reports that it is an employee-owned boutique firm “investing exclusively in global equity markets,” officials say.
FINRA’s Board of Governors Names a New Chair
The board of governors for Financial Industry Regulatory Authority (FINRA), the self-regulatory organization (SRO) for U.S. broker-dealers, has elected current FINRA Public Governor Eric Noll as its next chair, officials say.
“Noll succeeds Eileen Murray, whose term on the board and service as chair concluded at the Aug. 19 annual meeting of FINRA firms,” officials add. “FINRA also announced the re-election of a small-firm governor, the appointment of two new public governors and the reappointment of two public governors.”
Noll, who is the CEO of Context Capital Partners, joined the FINRA board in August 2020, and has since served on five committees, officials say.
“He joined Context Capital Partners in November 2019; prior to that, he was president and CEO of ConvergEx Group. From 2009 to 2013, Noll served as executive vice president, transaction services, NASDAQ OMX, Inc. in the U.S. and U.K., where he was responsible for all U.S./U.K. equity, options and futures exchanges,” according to FINRA.
A 21-member board of governors — the majority of whom are public members from outside the securities industry — oversees FINRA.
“The industry governors include three from large firms, one from medium-size firms, three from small firms, one floor member, one from an independent dealer/insurance affiliate and one from an investment company affiliate,” FINRA adds.
More information about the FINRA board’s operations is at www.finra.org/governance.
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