In other news, SSGA hires from NYLIM, Wilshire launches GEMS, and Nomura has an executive shuffle.
DTCC to Build Upon Previous Snowflake Efforts
Post-trade market infrastructure provider the Depository Trust & Clearing Corp. (DTCC) will be building applications with data cloud vendor Snowflake “to transform how data is accessed, shared and leveraged across a number of its services,” officials say.
The effort is a continuation of a previous Snowflake effort to deliver DTCC’s Kinetics data offerings to clients, officials say. That collaboration offered market insights across multiple asset classes via access to equity and fixed income data products “through Snowflake Marketplace,” officials say. “In the coming months, based on client feedback and growing demand, DTCC will expand DTCC Kinetics capabilities on Snowflake Marketplace to additional asset classes including ETFs, reference data, and corporate actions.”
In addition, DTCC will investigate new opportunities for these capabilities such as risk management, regulatory reporting for derivatives and securities financing transactions, and institutional post-trade processing, officials add.
“We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernization strategy. This strategic initiative will enable us to build upon our success and further transform the data ecosystem, unlocking new insights and supporting greater transparency to protect markets, increase efficiency, drive business and propel the industry forward,” says Lynn Bishop, chief information officer at DTCC in a prepared statement.
SSGA Taps NYLIM for New President & CEO
Yie-Hsin Hung
State Street Global Advisors (SSGA) has hired Yie-Hsin Hung, the CEO of New York Life Investment Management (NYLIM), to be its new president and CEO, officials say. Hung will succeed Cyrus Taraporevala who will step down from the position in December, officials say.
Taraporevala, whose retirement was announced earlier this year, will then serve as an advisor and “stay through early 2023 to provide a smooth transition of responsibilities” as Hung takes over, officials say.
Hung will report to Ron O’Hanley, the chairman and CEO of State Street, and will become part of executive committee of State Street. SSGA is the asset management group of State Street. Hung served as CEO of NYLIM since 2015.
“While at NYLIM, Yie-Hsin led a multi-boutique, global investment management business that provides a broad range of fixed income, alternatives, equity and ESG capabilities. During her tenure at the firm, Hung led NYLIM to achieve a nearly four-fold increase in assets under management,” according to State Street officials.
Before NYLIM, Hung served in many senior executive roles such as co-president and chairman of NYLIM International, and leadership positions at Bridgewater Associates and Morgan Stanley, officials say.
Wilshire Launches the Global Equity Market Series
Investment management firm Wilshire has launched the FT Wilshire Global Equity Market Series (GEMS) to help investors “access country and regional exposures through a consistent country-by-country framework offering greater transparency into global markets.”
In addition to multi-asset investment solutions, Wilshire offers indexes and advanced analytics.
The new offering is an effort to meet “demand for new indexes and benchmarks to support the growth in passive investment and the need for deeper understanding of market risks and trends,” according to Wilshire.
The launch of GEMS includes:
- Country-by-Country indexes that replicate the FT Wilshire 5000 market capitalization breakpoints to “better reflect the investment intent of accessing the large and small cap version of each country with no size drift;”
- Developed and Emerging Market indexes that “build upon our work on the US series with the ability to apply regional cuts of the large and small cap segments of the global markets without the necessity to apply complex exclusion criteria;”
- A Global Index that helps investors “view the world through one transparent lens;”
- The FT Wilshire Pure Multi Factor Global Index Series, which offers a “diversified factor strategy suitable for investing over many market cycles that includes four-factor beta neutral and five-factor versions;”
- The FT Wilshire Climate Change 1.5℃ Target Global Index Series, which is a “1.5°C or net zero target Index series which meets the strict EU Paris Aligned Benchmark (PAB) requirements to help investors benchmark their investment portfolio’s carbon reduction targets;” and
- A Customization Application service that allows an application “to access a customization sandbox, giving clients the ability to research and construct index ideas through interactive filters and screening capabilities.”
The new Wilshire benchmarking also encompasses:
- The June 2021 – Enhanced FT Wilshire 5000 Index Series;
- The September 2021 – FT Wilshire Digital Asset Index Series; and
- The December 2021 – Digital Asset Taxonomy System (DATS).
Nomura Promotes to Fill Top Post for Wholesale Division
Nomura Holdings, Inc. is promoting Christopher Willcox to head of the wholesale division and executive officer, effective October 1, 2022, officials say.
Willcox is currently CEO and president of Nomura Holding America, Nomura Securities International and Nomura Global Financial Products Inc. He will be the first non-Japanese to be appointed as an executive officer of Nomura Holdings, Inc., officials say. Willcox joined Nomura in May 2021.
“Before joining Nomura, Mr. Willcox was CEO of JP Morgan Asset Management. Prior to this, he was head of global fixed income and liquidity at JP Morgan Asset Management and global head of rates at JP Morgan’s investment bank,” officials say. Before his time at JPMorgan, Willcox worked at Citigroup for 15 years in a variety of roles.
Willcox will replace Steven Ashley who has been appointed chairman of Laser Digital Holdings, a new digital asset company of Nomura, officials say.
In addition, “in close collaboration with the Group Corporate Officers (CxOs),” Willcox will jointly oversee international corporate functions and close connectivity with Nomura’s wholesale business, officials say.
Satoshi Kawamura “has been designated to succeed Mr. Willcox” as CEO and President of Nomura Holding America and Nomura Securities International, officials say. “In addition, Vincent Primiano, will be appointed co-CEO and co-president Nomura Holding America and will provide day-to-day oversight of our Americas business. Mr. Primiano will also be appointed as co-CEO of Nomura Securities International.”
“Chris’ previous experience working across investment banking and asset management, and the 18 months he has spent so far expanding our U.S. platform, makes him well placed to take over as head of wholesale division,” says Kentaro Okuda, Nomura Holdings, Inc., president and group CEO, in a prepared statement.
Need a Reprint?