In other People Moves, the SEC fills a top post at the Division of Trading and Markets, the London Stock Exchange has an executive shuffle, and the CEO of Northern Trust is retiring.
Conde to Also Advise Duco Board
Cris Conde, advisor to the CEO, Duco
Former president and CEO of SunGard Cristóbal Conde has joined Duco, which describes itself as a self-service data normalization and reconciliation services provider, as an advisor to Duco CEO Christian Nentwich and to the board of directors, officials say. FIS Global (Fidelity National Information Services Inc.) acquired SunGard in 2015.
Conde, who spent more than two decades at SunGard, has been serving as an advisor and non-executive director at cutting-edge technology companies, including OpenGamma, Digital Asset, Callsign and Digital Reasoning, officials say.
“I have been involved in reconciliation for much of my career and Duco is the first credible self-service solution I have ever seen,” Conde says in a prepared statement. “I believe this approach will be extremely disruptive in a field that has not seen much innovation. Data and analytics are cornerstone-enabling functions where new, agile technology is rapidly changing businesses,” Conde says.
“I am very pleased that Cris has chosen to work with us. We have invested a lot of time in finding the right person to complement our board and senior
Management,” Nentwich says in a statement. “Cris’s experience in helping technology firms scale, and his drive for innovation in the world of data, machine learning, analytics and risk, make him a great fit for Duco as we continue
with our expansion strategy. His insight, inspiration and ability to execute are all critical as we build the next generation of data platforms.”
SEC Names Director of the Division of Trading and Markets
The SEC reports that Brett Redfearn has been named director of the agency’s division of trading and markets.
Brett Redfearn, director, division of trading and markets, SEC
Redfearn joins from JPMorgan, where he was global head of market structure for the corporate and investment bank (CIB), the SEC says in a statement. “He started his career at the American Stock Exchange, where he ran Business Strategy and Equity Order Flow. During his career, Mr. Redfearn has served on the boards of Bats Global Markets, the Chicago Stock Exchange, BIDS Trading, and the National Organization of Investment Professionals.”
The SEC’s division of trading and markets “establishes and maintains standards for fair, orderly, and efficient markets,” the SEC says.
“The division oversees the major securities market participants and infrastructure including, among others, broker-dealers, self-regulatory organizations (including stock exchanges, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, and clearing agencies), alternative trading systems, and transfer agents,” according to the SEC.
LSE Reports Future Change at the Top
Xavier Rolet, departing CEO, LSEG
CEO Xavier Rolet will leave London Stock Exchange Group (LSEG) by the end of December 2018.
“Under Xavier’s leadership, LSEG has built a clear and successful strategy and a strong management team, resulting in an increase in the Group’s market capitalisation from £800 million to almost £14 billion today,” according to a statement, which notes that the group’s board is beginning a “process to find a successor and … ensure a smooth transition process as the Group continues to execute on its successful growth strategy.”
“Under his leadership, LSEG has been transformed in scale to become a truly diversified and international leader in financial markets infrastructure,” Donald Brydon, chairman of LSEG, says in the statement. “I am delighted that Xavier will remain as CEO and continue to lead the company until his successor is appointed. LSEG remains well positioned for the opportunities ahead and remains confident of delivering further success and value for shareholders,” Brydon adds.
Northern Trust CEO Retires
Northern Trust Corp. reports that Frederick H. Waddell, 64, chairman and CEO, will be retiring from his CEO role on January 1, 2018, at which time Michael G. O’Grady, 52, will add the CEO post to his current position as Northern Trust president.
Frederick H. Waddell, retiring CEO, Northern Trust
Waddell, who has been CEO since January 2008, will remain as chairman of the board, a position he has held since November 2009.
“It has been my privilege to serve as Chief Executive Officer for the past decade and to be a part of Northern Trust for 42 years,” Waddell says in a statement. “I leave this role with great pride. Our leadership team is world-class, our strategies are poised for even greater growth and our financial performance is strong.
As president of Northern Trust Corp., a post he has held since January 1, 2017, O’Grady oversees the wealth management, corporate and institutional services and asset management businesses.
From 2014 to 2016, he served as president of the corporate and institutional services business. Prior to that, O’Grady served as executive vice president and chief financial officer of Northern Trust Corporation.
Before joining Northern Trust in 2011, O’Grady was a managing director in the financial institutions investment banking group at Bank of America — Merrill Lynch.
Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2017, Northern Trust had assets under custody of $7.4 trillion, and assets under management of $1.03 trillion.
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